Action across bitcoin markets have been all over the place. For instance, on Tuesday, November 7, the price dipped below the $7K zone and rebounded back above that territory a few hours later. The very next day on November 8, immediately following the announcement that Segwit2x was canceled, bitcoin’s market value spiked to a high of $7,900 per BTC. The peak didn’t last long, and the price per bitcoin has been hovering between $7,100-7,450 over the course of the past 12-hours. The last few days bitcoin has been trading over $3B a day in 24-hour trade volume, but on November 9 the decentralized currency swapped over $5B in BTC trades. Presently, bitcoin’s value is trading at $7,150-7,210 across a variety of global exchanges.
As far as trade volume is concerned, Japan is still leading the pack, but not as much as it has been since our last markets update. In our last update, the yen was commanding over 60 percent of the market, but that statistic has dropped to 53 percent. The USD/BTC pair has increased significantly by capturing 10 percent more volume by currency this week at 33 percent. Most of the massive volume is currently being swapped between ten exchanges who are trading above $100M+ in bitcoin trade volume daily. The top five exchanges with the highest trade volumes worldwide include Bitfinex, Bithumb, GDAX, Bitflyer, and Bitstamp.
Charts and technical indicators have been crazy since the canceled fork announcement and watching order books, and significant price swings can make you dizzy. After yesterday’s quick rally to the $7,900 territory, the value of bitcoin has been extremely volatile swinging back and forth both ways by 2-5 percent. Presently, the 100 Simple Moving Average (SMA) is just a hair above the long-term 200 SMA as they only crossed just a few hours ago. This indicates some short-term consolidation needs to happen before bulls try to break to the upside. The Relative Strength Index (RSI) started moving south last night with the price following its lead. Stochastic indicates the same sentiment as more consolidation needs to happen before the next move upwards.
Full story at http://bit.ly/2AyF7n6
Source: Bitcoin News
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