bitcoin stacks

Peaceful Period for Bitcoin

It’s been quite a peaceful weekend for Bitcoin. There weren’t any meaningful events that could strongly affect the cryptocurrency’s price and there weren’t any sharp price fluctuations that should worry traders.

The only news that actually caught our attention was published by The Guardian. Namely, the newspaper reports that many well established Bitcoin companies are trying to leave the digital currency behind because of its constant stagnation. Turns out, BitPay and Circle have realigned themselves from the virtual currency towards the popular concept of blockchain. The Bitcoin wallet, Bitreserve, on the other hand, had taken some more dramatic measures by completely rebranding to Uphold and removing “bit” from its name.

Nevertheless, these actions didn’t affect the Bitcoin price in any way and after slipping under $320 last Friday, we can see it again over that mark. Whether this stability is good or not depends on how you perceive the situation. It’s always better to have a positive movement, but, on the other hand, it’s good that there isn’t any negative movement either.

$330 Still Unreachable

Only one look at our Bitcoin price chart shows that the $330 threshold is still unreachable for the virtual currency. Even though the current trading price is $322.31 and it’s better than last week’s price of less than $320 per coin, the currency doesn’t have the power to breach $330.

The day’s range notes a, not surprising, low of $319.57 and a weak high of $326.16. The year to date change is still in the positive, at least, and has a value of 2.72%. The market cap hasn’t moved too much and today it’s set at $4.53 B. It’s interesting to see that the volatility is officially staying under 17% and today its value is 16.45%.

All these decreased numbers and values have affected the volume. Therefore, the times when the volume was over 100k are behind us and today it’s less than 20,000 with an exact value of 16,651.01.

Intraday Support at $315, Intraday Resistance at $340

With the current situation in mind, we can set the intraday support and resistance level at $315 and $340 respectively. The price is moving up and down, but doesn’t note any significant drops or jumps of more than 20 points. Thus, there are no indicators that such a thing can be expected in near future.

However, one thing that has dramatically changed over the weekend is the signal given by technical indicators and moving averages, which today is strong sell.

Seven out of 11 technical indicators are pro-sell and 12 out of 12 moving averages signal traders to sell their coins. This can either mean that there isn’t supposed to be a price jump any time soon or that the price might even fall.

The RSI has a neutral value of 45.969, while the MACD (-0.340), the ROC (-0.311) and the Williams %R (-74.107) are all in the negative and signal strong sell.

Similarly, all moving averages, both simple and exponential, indicate that selling is the best choice at this time. For example, the 200-day SMA is set at $323.56, while the 100-day SMA has a value of $321.27.

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