Bitcoin Forum

Bitcoin is seemingly finding it difficult to shrug off laziness and inactivity. Ever since it breached the support zone at the start of this week, the digital currency has traded in an extremely narrow range of $234-238. However, I expect either of the fighting parties to make a decisive move as we enter the latter half of the week.

Bitcoin trades on a flat-to-positive note, up from yesterday’s $235.19 to $235.40.

http://www.newsbtc.com/wp-content/uploads/2015/05/Bitcoin9.png

Taking a technical look at the 240-minute BTC/USD price chart helps us in finding out that there is a better chance of Bitcoin hitting $230 than there is of kissing $240.

Bitcoin Chart Structure – As can be seen from the chart above, Bitcoin made another attempt to force a jump to a higher ground but the resistance zone (marked as yellow in the chart) proved to be an insurmountable task. The digital currency is trading flat as it remains trapped between support and resistance levels.

Moving Average Convergence Divergence – The MACD indicator has closed in on the Signal Line, thereby lifting the value of the Histogram to -0.1338. The current MACD and the Signal Line values are -0.5486 and -0.4148 respectively.

Momentum – The Momentum indicator has sunk deeper to -2.0500 from -1.6800.

Relative Strength Index – The 14-4h RSI reading continues to linger near yesterday’s level. At 44.7224, the indicator reveals that the market sentiment is still fairly bearish.

I think the prices will not move very much shortly but they may do so in the few months.

here the whole picture  since january, by removing the first pump, we are basically in a straight line, constant trend, the truth is that we are not in a up or down trend, but in a stagnant trend

https://i.imgur.com/VsZgHZr.png

That isn't a bad thing that the price is stagnant.  Wider adoption requires price stability IMO.  We are not talking about shares of Apple here but a currency.  Your average person doesn't want a currency that has so much ups and downs.

Thanks Bornil for the analysis.  It helps me to wrap my head around these things when I see specific real world examples.

I am considering stagnant situation a good thing for bitcoin since it helps bitcoin grows more in the long-term and more people come to bitcoin era.

I dont think that stagnant situation is a good thing for bitcoin in this time, because with the stagnant we can't even do anything with our bitcoin and the price wont raise to high so people wont got any profit from it. May be for some newbie they have a chance to buying in low but for higher member I dont think they will happy with all of that

what a mentality. you can do everything you want with bitcoin at current price. the stagnation doesn't change anything. so you are only willing to use your coins if the price will sky rocket...

I think the price stagnation is primarily a reflection of how people treat Bitcoin. It's a commodity, and not a currency. The actual usage for currency purposes is miniscule, and fraught with peril in terms of fraud and what-not.

I have no idea when (or even if) Bitcoin will be a treated like a currency.

Interesting analysis, but the price of bitcoin has usually very fluctuations but I think we may consider it something like Gold rather than currency.

With the volatile price I also can do anything without any concern of it. So why should I wait until stagnation time to do everything that I could do? I dont think stagnant time will make your coin value going high and grow your bitcoin. Stagnation doesnt affected your bitcoin at all

Looks like the "decisive move" was to the downside, it's trading now at $233. Of course, that's not much of a move. What's the general sense of the lack of volatility. It certainly allows people to conduct more transactions with the confidence in value, but it would also allow people to stock up their reserves with a lower (than in recent past) and more stable price.

Any thoughts?

At large it seems that Bitcoin's price are stable between 230-240$ at the moment.If this trends of holding the price at this level continues then in coming weeks we will see huge price rise and can see once again 300$+ even more.This is again in accumulation period after the recent news of adoption and price index allowance by NYSC.This time price is good in my opinion.

If you consider bitcoin investing you may consider that fluctuations is well but I think stagnant can lead more shops use bitcoin and increase price of bitcoin.

stagnancy is only good for building trust, among average users and new merchants, but we should not remain forever in this situation, or bitcoin will not grow ever, we are aiming at much higher with this technology

Its true that we need some stagnancy for a while. But are you really want this price going to stagnant forever? With this kind of method or technology you really need to make bitcoin going higher not to mention some other things that will support bitcoin going higher. But I still dont know why the price is drop significant like this