Bitcoin Hits $410; Is This the Growth We’ve Been Hoping For?

Well, well, well – finally our Bitcoin price chart is showing some really positive numbers. If you remember the situation from last Friday, you know that our favourite digital currency started growing and the indicators were sending a strong buy signal. Even though we received that signal with a certain dose of reservation knowing that we’ve been tricked several times before, the Bitcoin didn’t disappoint us in the beginning of February’s third week.

That means that we can dedicate a bit more time on technical analysis and chart overview instead of Bitcoin news. However, there are two interesting articles that certainly deserve our attention. The first one was published by the Venture Beat, a reputable financial magazine that claims Bitcoin would have a bright future. The author compares the Bitcoin with the World Wide Web and reminds readers that every revolutionary concept had both rises and falls on its journey.

The second news is almost incredible to trust. Turns out that infamous pharmaceutical chief Martin Shkreli just lost $15 million in Bitcoin after trying to get exclusive rights over Kanye West’s latest album “The Life of Pablo.” Shkreli, reportedly, paid the amount to a person named Daquan in order to stop Kanye West from releasing it for his fans. After tweeting about the dramatic experience, Shkreli went on claiming that he got in touch with Sitoshi (whose correct pseudonym is in fact Satoshi) in order to get his coins back. We can only guess how will this resolve, but it certainly is an interesting case to keep your eyes on.

$410 Mark Hit; Price Steadily Growing

We must confess that even though everything was signalling that the Bitcoin would grow, we were still surprised by the steady increase in value per coin noted over the weekend and during this day. The price has been constantly improving and the major jump was some time after the day had started; the Bitcoin went over $410, hitting $410.32 and then calming between $400-405.

Several hours ago the Bitcoin noted a sharp drop and reached the day’s low of $398.66 per coin. The lowest value hit in the past 24 hours, however, is even worse $396.47. Nevertheless, the overall situation is positive and the current trading price of the cryptocurrency is $405.39.

The overall price change in the past 24 hours has been 1.75% in the positive and those are finally some good numbers. The market cap has breached $6 billion too and settled at $6.17 billion. The 24-hour volume almost hit $70k and its current value is $68,574,000. This volume tells us that further price improvements can be expected.

Indicators and Averages Overview

Both technical indicators and moving averages are very hopeful when it comes to Bitcoin’s future. Traders can spot a strong buy signal from a total of six indicators and 12 averages. Some of the indicators that are pro-buy are the RSI (56.905), the MACD (1.370) and the ROC (0.114). Aside from the ones that predict price improvement, there is a single neutral indicator as well as four pro-sell ones.

With the current situation on the chart and the signal received by indicators, we can safely conclude that the Bitcoin would probably grow again. It’s not sure whether it has the power to go over $415 and even $420, but the likelihood of that to happen is pretty high. Nonetheless, use a trading strategy, don’t bet everything you have on further jumps and protect yourself by placing stop loss orders no lower than $390.

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