No Drastic Price Changes; Bitcoin Moves around $415

Last time we wrote about the Bitcoin, the cryptocurrency had noted a fall and traded for $413. The situation wasn’t promising, but nonetheless we stayed positive. So, today we can see that the price has improved a bit and the currency is trading around the $415 threshold.

However, more interesting than the change in value today are all the Bitcoin related news that hit the public in the past 48 hours.

First of all, it was revealed that the brand new MS Excel 2016 will support Bitcoin currency format. Even though the feature is marked under “in development” for the time being, we can expect to see it up and running in near future. With it you’ll be able to track, calculate and analyse Bitcoin data via Excel 2016 for Windows, Windows Mobile, Windows Android and Excel Online.

Another interesting piece of information was the prediction that transactions in the cryptocurrency could consume as much energy as Denmark by 2020. The analysis describes the Bitcoin as the most power-hungry ledger system and warns that its expansion could have serious consequences unless something is changed very soon.

Price Chart Analysis

Let’s move to the more technical part of today’s post by checking out the situation on the price chart. The trading value per Bitcoin at the time of this writing was set at $415.26; on Wednesday the situation was a bit worse with the price equaling $412.98. The 24-hour range moves between $413.41 (day’s low) and $416.82 (day’s high). However, it has to be noted that the high was reached yesterday, whereas the low was hit today.

If you wonder how other segments reacted after the almost insignificant price improvement, let us reveal the mystery. The market cap went up as well and today its value is $6.40 billion. The volume has dropped (makes sense taken into account the price has slowed down) at $53,772,900. All in all, the price change in the past 24 hours is 0.05%, which is far from good, but better than going into the negative territory.

Indicators and Averages Recommend Traders to Sell

We’ll go over the technical indicators and the moving averages only briefly since their signal, even though strong, can be very misleading. We’ve already established that until a better stability is achieved, the price may grow or fall despite the indicators predicting the opposite thing of happening.

The RSI (45.783) and the highs/lows (0.000) are neutral. The rest of the 11 indicators are pretty divided with five of them being pro-sell and four being pro-buy. Thus, even though the general signal is to sell, this shouldn’t be taken for granted.

The simple and exponential moving averages, on the other hand, are united into a strong sell signal with all 12 of them recommending traders to bet that the price is going to fall. However, as we already mentioned, this signal shouldn’t be taken too seriously and traders should open positions very carefully as well as prepare quick exit strategies.

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