13
Jan

Peaceful on the Bitcoin Front; Price Notes a Slight Drop

In comparison to Monday, the Bitcoin value has noted a slight drop. If two days ago the cryptocurrency was trading between $440 and $450, today we can see that its worth slipped under $430 and settled at $433. This price decrease was accompanied by a relatively eventless period, since almost nothing especially important related to Bitcoin has happened.

Interesting information came from sunny Australia, where Melbourne-based Bitcoin Group is finally expected to be listed on the ASX. When that happens, this Bitcoin company will become the first cryptocurrency miner in the world whose shares are offered through an initial public offering. Maybe this event, especially if it proves successful, may motivate other companies to do the same and start a trend that could actually positively affect Bitcoin’s reputation.

However, there’s been an upgrade of the grim Bitcoin situation in Russia, where the Bitcoin ban bill reached legislatures. As we’ve already mentioned, Russia is not particularly open to the cryptocurrency and the country took several actions against it. However, in case the latest bill is passed, then Russians won’t be allowed to make Bitcoin to fiat money conversions either. This, however, is neither surprising nor extremely harmful since where Russia stands have been quite clear for a long time now.

Price Dropped Under $435

As can be noticed on our Bitcoin price chart, the price remained pretty stable until it fell for several points and stopped a bit over $430. Therefore, instead of maintaining a steady value of $445, the Bitcoin is currently worth $431.73. Even as we were writing the text we could see the falling trend since in less than an hour the Bitcoin dropped from $433 to $431.

If the price continues to fall, the Bitcoin might reach its 52-week low of $525.449, which would certainly be a bad thing. The high of the last 52 weeks which is $464.400 at the moment seems pretty unreachable. The day’s high, on the other hand, is $448.40, which is not that bad of a number. Nevertheless, the day’s low is bad $$428.39. Even though in the meantime the Bitcoin has escaped the $420 territory, it’s still unsettling to see that value reached during the day.

The volatility today is 56.89%, whereas the volume is 6,954. These numbers are not that great as well and might be a sign that the Bitcoin’s value will continue to decrease in the days to come.

Strong Sell Signal

Not surprisingly, both technical indicators and moving averages are predicting a price drop. Even though there hasn’t been any particularly bad event, the Bitcoin obviously has lost its power for the time being and it’s likely to witness it fall.

Nine out of 11 technical indicators including the RSI (35,001), the MACD (-4.010) and the ROC (-3.253) are pro-sell. Similarly, nine out of 12 moving averages are signalling traders to sell their coins as soon as possible.
With the situation on the price chart and the situation at the indicators, it’s safe to predict that the Bitcoin is doomed to have another price drop. Therefore, open smart traders, use stop loss orders and wait for better times to bet on the cryptocurrency.

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