We’ve mentioned several times so far that it’s really hard to predict the Bitcoin price movement during these unstable times for the cryptocurrency. However, in our Wednesday post we highlighted that low volume and neutral indicators could mean one thing – the price would probably stay the same. That turned out to be true and today the Bitcoin is still trading for about $415 per coin.
Even though at times this past week the price fell and reached serious low of under $410, if you pay attention to the chart you’ll notice that in general the value per Bitcoin has been moving upwards. That’s a good sign and can awaken our hopes to see the currency increase some more.
Today we will focus a bit more on the price chart and the indicators since there haven’t been any especially interesting news. We would like, however, to mention the list published by Yahoo Finance that reveals the biggest players in Bitcoin and Blockchain tech. It includes well-known names such as Marc Andreessen (Andreessen Horowitz), Brian Armstrong (Coinbase) and Jesse Powel (Kraken).
A disturbing piece of information came from Venezuela, where the government started an anti-Bitcoin campaign on the state-owned public television network. This could hurt the reputation of the cryptocurrency that many citizens of the country decided to embrace in the past few months.
Price Improved for 0.22% in the Past 24 Hours
Even though generally stagnating, the Bitcoin should be proud because it managed to maintain a relatively good price over the week. The current trading price is $416.02, which is almost the same as Wednesday’s $416.65. Our Bitcoin price chart reveals positive daily low and high as well; the cryptocurrency’s weakest value recorded for the day is $413.42, whereas the highest one in the past 24 hours is $416.55. These numbers are, however, worse than the ones noted two days ago.
The market cap today is $6.41 billion, whereas the available supply of coins is 15.35 million. The volume in the past 24 hours has been $54,514,700. This value is lower than the one we noted on Wednesday; hence, we can assume once again that the price wouldn’t change drastically over the weekend.
Indicators’ Signal Neutral; Averages Recommend Traders to Buy
These past weeks the indicators often tricked us into believing that one thing would happen and then the Bitcoin moved in the opposite direction. However, that doesn’t mean that we should completely discard them because their signal is always valuable to us.
Today we can see that the indicators are mostly neutral. The RSI, the William %R and three others aren’t signalling anything special. The rest six indicators, on the other hand, are split in half and three are pro-buy, whereas the rest are pro-sell. With such a situation and taken into account the low volume, we could make a safe guess that the price will remain the same.
The moving averages, nonetheless, are sending a strong buy signal with 10 of them being lower than the current trading price. Only two moving averages (50-day SMA and EMA) are pro-sell.