18
May

Price Hardly Changed; Volume Notes a Drastic Jump

On Monday the price was right over $456 and the Bitcoin seemed ready to further improve its value over the days to come. These predictions were backed up by the strong sell buy signal of the indicators, but opposed by the decreased volume. However, not only such a thing didn’t happen, but the opposite happened when the cryptocurrency fell for several dollars at $453.

Today, the indicators and the averages don’t seem so strong in their recommendation to buy, but the volume has gone up some more.

In terms of interesting Bitcoin related news, it’s been relatively silent aside from two amusing pieces of information. Therefore, we will, once again, mostly focus on the price chart and the indicators in order to try and resonate what’s happening to the world’s most popular digital currency.

Mostly Good Bitcoin Related Things Happened

Before moving on to more technical information, we would like to mention Blockchain’s latest project called Thunder. It was reported that Thunder is an alternative network of nodes, which allow users to make off-chain Bitcoin payments within seconds. This is a very exciting innovation whose speed is so fast it could process around 100,000 transactions per second; in comparison, the Visa network handles approximately 56,000 transactions per second.

The second interesting, but also very positive, event related to the cryptocurrency happened in Russia. As you may remember, the country announced legislation that would introduce a 7-year jail sentence to Bitcoin users. Well, it turns out that the Ministry of Justice has thrown out the bill because of “some wording” used in it. This, in a way, gives Bitcoin another chance to prove itself to Russian legislators before it’s officially banned within the country’s borders.

Price Chart Overview

It’s amusing to notice that the price always seems to go up when we’re looking at it; therefore, in the past 24 hours, even though lower than Monday’s trading price, the value of the Bitcoin has improved for 0.11%. At the time of this writing the cryptocurrency was worth $453.94, with no apparent intention to change anything in the hours to come. The chart revealed that whole day the Bitcoin was going up and down for several points and dollars; as a result, the highest price reached in the past 24 hours was $454.54, whereas the lowest one was $452.22.

The market cap in the past two days has dropped a bit too; however, the decline wasn’t enough to push it under $7 billion and thus its value today is settled at $7.07 billion. The volume has, however, significantly increased and reached $70,029,900; this number is much better than Monday’s low value and it may announce price movements soon.

Similarly like many times before, when we started the article the majority of the indicators and the averages were pro-sell. However, an hour later their signal has shifted to strong buy. There are three indicators that show the Bitcoin is being overbought and that’s a reason to expect price drops. Nonetheless, there are five indicators and 11 averages that recommend traders to invest in the cryptocurrency.

Whatever our readers decide to do, our advice is to be very careful and expect the unexpected. The improved volume definitely signals a change, but it can’t be predicted for sure whether it’s going to be a positive or a negative one. Hence, if you decide to trust the indicators and go for increase in value, then you should certainly have an exit strategy.

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