The past several weeks have been turbulent for the Bitcoin, especially when we talk about events related to the cryptocurrency. Craig Wright first tried to make everyone believe that he was Bitcoin creator Satoshi Nakamoto. Then, he changed his mind and ended his attempt. At the same time, the currency saw its popularity in New Zealand grow, plus it was officially accepted in a Swiss town.
However, over the weekend it seems there weren’t any considerably important events that are worth mentioning. There were neither any noticeable regulations, that could either narrow or broaden Bitcoin’s reach, nor some drastic price changes.
Even though this could be perceived as negative by some traders, in fact, this peace on the Bitcoin’s front lets us focus a bit more on the price chart and the indicators, something we couldn’t do in the past few weeks due to eventfulness.
Bitcoin Dropped Under $450 and then Jumped Again
Our Bitcoin price chart reveals that since we wrote about the currency last time there’ve been both drops and jumps in value. You may remember that on Thursday the price went under $450 at $448.23 and then it gained power to move upwards only. However, the improvement has been relatively slow, with the cryptocurrency climbing for several points up and then falling for several points down.
Whatever was happening, this is how the price chart looks like at the moment; the Bitcoin is trading for $456.36. In the past 24 hours the lowest value noted on the chart was $454.88, whereas the highest one was $458.39. It seems that the peak was reached yesterday evening and today the Bitcoin has been losing on power. However, it’s just a matter of time when the cryptocurrency will regain strength to climb once again. In comparison to the numbers seen on Friday, we can spot that the current trading price is a bit better than the value of $454.66 noted that day. Also, it should be pointed out that despite the up and down movement, the overall price change in the past 24 hours has been positive 0.28%.
Other segments that shouldn’t go unnoticed are the market cap and the volume. The first one has a good value of $7.10 billion, meaning it’s growing. The second one, on the other hand, has considerably dropped from Friday’s $63,146,500. Therefore, drastic price changes, especially improvements, are highly unlikely to happen in the next several hours.
Sell Signal Shifts to Strong Buy Signal
The technical indicators and the moving averages change their signal as always. Therefore, when we started this article the majority of them were sending a sell signal and by the time we got to the end of the text the signal has shifted into strong buy. Thus, we would say that the situation isn’t stable right now and people shouldn’t take these signs for granted.
Nonetheless, traders should know that a total of six indicators are pro-buy, whereas only one is pro-sell. There are, however, four neutral indicators whose change could easily shift the overall signal received by the technical indicators. All moving averages have values under $456 and send a strong buy signal, predicting a price improvement.