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Bitcoin Prices Rising: SMA & RSI Indicators Show Higher Runs?

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Bitcoin Prices Rising Guide

With the weekend fast approaching, bitcoin exchanges look promising than during the past 2 weekends. Since Bitcoin’s value plummeted to $11,600, its present value averages $16,500 per BTC. Tokens such as stellar, ripple, and others retailing for $5 have increased in value with BTC experiencing a downward trend. The current increase of BTC’s value has resulted in these tokens losing value in the markets.

How BTC Bounced Back

 In the recent past, BTC markets have rebounded strongly with each token gaining over $1,000 for the last two days. Following Peter Thiel’s announcement of his investing in bitcoin, BTC’s price spiked from $14,000 to stabilize at $15,000. Similarly, in the last 48 hours, other cryptocurrencies such as Ethereum, NEM, and ripple gained value although BTC’s value remains steady at $14,900 to $15,200. In today’s mid afternoon trading sessions, BTC gained value to rest at $16,500.

In the last 24 hours, however, bitcoin markets reported trading volumes of over $22 billion. Exchanges that record the most activity include Binance, Bitfinex, Bithumb, Bittrex, and Poloniex. Presently, cryptocurrencies exchanges are actively trading in various digital currencies in South Korea.

However, the USD continues to dominate the BTC market with an overall share of 36% closely followed by the Japanese Yen at 31%.  Other popular currencies include tether at USDT 10%, South Korea’s won at 10% with the Euro at 5.6%. Besides that, Shapeshift reports that Ethereum is the most traded cryptocurrency alongside BTC.

Trading Indicators

The chart below depicts BTC’s progress in the markets since January 5, 2018. With BTC being a non-centralized currency, it has enjoyed a high of $16,500 later falling to $16,300. BTC’s oscillate Simple Moving Averages (SMA) of between 100 SMA and 200 SMA, indicate a bullish run in the short term. In addition to that, BTC’s Relative Strength Indicator (RSI) and Stochastic oscillators signify that a rise in BTC’s value offers the most resistance.

For that reason, increased resistance is being experienced in trades occurring in the $16,800 and $17,000 price indexes. On the flip side, some bearish simulations indicate resistance at $15,800 and at $15,000 price ranges. Accordingly, the $15,000 threshold offers optimal consolidation of gains as well as the most stability.

Crypto-Markets $1 Trillion Valuation

Today, excitement has gripped the crypto-markets in regards to the performance of digital assets. With BTC remaining stable, the price of other cryptocurrencies is being corrected despite their significant increase in value.

The second most valuable cryptocurrency ripple (XRP) fell by 10% in the last 24 hours. Ethereum, the third largest digital asset, achieved an all-time high of over $1,000/ETH yesterday. At present, trading in Ethereum is down with 2.6 percentage points with each ETH trading at $985.

In the last week and a half, a correlation has been noted between Bitcoin cash (BTC) and BTC. BCH’s market volumes have risen by 4% whereas BTC trade volumes went down to settle at $2.1 billion in the last 24 hours of trade. By the time of this post, each BCH is trading at $2,557. To finish, Cardano (ADA) holds the number five spot with markets down by 7% and each ADA worth $1.07.

Despite the temporal dip in value, a majority of pundits still consider cryptocurrencies viable digital assets. According to the reviewed technical indicators, it is expected that the bull-run by cryptocurrencies will continue. Given that, the cryptocurrency market will steadily inch its way to the $1 trillion in market cap and value. In turn, this will prompt the global financial system to take serious note of its potential implications.

Bear Run Scenario:

Pulling down the price of BTC to $15K requires atypical effort resulting in the currency gaining a lot at this price. Keep an eye on the Displaced Moving Average (DMA) as it breaks the $15,200 for reduced values.

Bull Run Scenario:

With investors being in control, BTC’s price has been pushed to the $16,000 point. However, there are global differences between countries. Some witness averages of over $17,000 as well as considerable premiums in comparison to the global BTC price. This is why it is necessary to break the $16,800 region to induce an upward surge with $17,000 problematic as well. If this happens, $18,000 will be next.

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