bitcoin illustration with chart

Will Bitcoin Go Over $350 This Week?

Not many people expected 2015 to be such a positive year for the Bitcoin, especially not after that infamous drop under $200 per coin. However, today we witnessed the cryptocurrency reaching a new 2015 high when it almost went over the $335 threshold.

In order to illustrate the almost incredible year the digital currency had over the past 10 months, we have to start from 1st of January, 2015. Our price chart shows that on that day the price per coin was good $313.8. Nevertheless, that number was nothing in comparison with the high of over $1,000 from 2014. Two weeks after that pretty decent start of the year, the Bitcoin fell under $175 only in order to climb around $300 again. Similar scenario happened in August, when the currency went below $200 and caused terror among traders.

That event marked the start of all Bitcoin’s problems when the currency had been struggling to rise again. Even though a bright scenario didn’t seem possible, since 21st of September the currency has been constantly growing and that brings us to the current happenings.

The Bitcoin briefly reached a value of $334.45 per coin, noted a new yearly high and increased the hopes of seeing the $350 line breached by the end of the week.

Bitcoin Currently Moving Around $330 Mark

In the past hour the Bitcoin has been mainly moving around the $330 mark. Our chart clearly shows how after slow progress of several points over the weekend, the currency noted a significant jump and reached $334.45 per coin several hours ago. Just for the record, the price per Bitcoin by the end of last week was $323.32. This means that only in three days the currency’s value grew for almost ten US Dollars; the current trading price per Bitcoin is $331.58.

The daily lowest value per Bitcoin is actually high $307.51, while the daily high is the previously mentioned $334.35. The year to date change has gone deep into the positive and reached 5.67%. The market cap is still growing as well; therefore, today it set at $4.66 B. In comparison, last week ended with the market cap a bit above the $4.5 B mark.

The volatility has grown a bit too. From 17.2% last Friday it went up to today’s 17.17%. The one thing that slowed down is the volume; its crazy high value of over 100,000 has decreased to 74,196.08.

As Bitcoin Price is Growing, Buy is Still a Smart Choice

When there is a positive trend that lasts for a longer period of time, it’s always smart to buy Bitcoins instead of sell. This same advice is given by the technical indicators as well. Therefore, the 14-day RSI suggests buying with its value of 69.865, just like the MACD of 2.140.

Additional technical indicators that recommend buying are the highs/lows (3.5283), ROC (3.442) and bull/bear power (6.5100). Another thing that these indicators show is that the bulls have the power to push the price even higher and possibly cross the $350 line.

Strong buy recommendation is seen in the moving averages as well. Every single one of them, both simple and exponential, signals that the price will probably go further up. The 200-day SMA has a value of $298.70, while the 100-day SMA has a higher value of $309.67. The value of the SMAs grows as the period declines; thus, we can witness a strong 5-day SMA of $314.98.

Don’t forget of the intraday support and resistance levels of $310 and $335. Use your stop/loss orders smart and pay close attention to any possible unexpected turn of events.

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