Bitcoin bounces off support at $8,280 as buy signals flash

Bitcoin price chart 14 May 2018Bitcoin price chart 14 May 2018. Buy signals flashing in bullish channel established since April

Bitcoin is managing to hold above the 50-day moving average support at $8,280, and is currently trading at $8,410, off 3%. The cryptocurrency has seen an intraday high of $8,700.

The 200-day moving average at $10,152 remains well out of reach for now, although that could be a different story by the end of the week.

Suffice to say, altcoins are falling in sympathy with bitcoin, with the exception of Ripple up nearly 5%, Ethereum 1.5% the better and NEM and Qtum 1.5% higher. Bytecoin whic recently listed on Binance has jumped 27% in value over the past 24 hours.

TradingView.com’s technical analysis summary is signalling a buy for bitcoin at these prices, although not a strong buy. The bullish channel that has been in place since the beginning of April has not been broken but has been threatened. Today could be pivotal for future near term direction. With the relative strength index reading at 58, that’s a fait distance from over sold conditions below 30, so caution is the watchword.

It is expected that New York Bitcoin Week that kicks off with the start of the Consensus 2018 conference today, will see the market push upwards. Eight thousand participants are expected at this year’s event.

Getting into the conference will cost ups $4,000 but if you don;t have that kind of cash to throw about to hear what’s going on in the “money of the masses” world, then take a look at the live feeds that are accessible from the CoinDesk website here.

In other bitcoin network news, startup RSK is expected to announce at Consensus that it has got smart contracts working on the btc blockchain, which represents a major technological breakthrough.

 

 

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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