The price of Bitcoin retraced from yesterday’s high of $452 to $443 today on the 22nd of April, 2016 declining -1,99%. It has currently formed a nice hammer on the BitstampUSD chart and while there is still more room to go down on the Slow Stochastic oscillator along with MACD and RSI, the overall feel is very bullish and looks like we’re currently around a good place to go long once again.
Bullish Bitcoin getting everyone excited
Given that the price of BTC has been moving rather slowly for the past couple of months, it’s no wonder that there’s an increased activity on Bitcoin related forums and message boards now when the bulls have returned and people are eagerly looking forward to the $500 per coin in the short term.
When a poll was opened today on Bitcointalk, the majority of voters believed that Bitcoin will reach above $480 by May 1’st which is only 8 days from now.
A beautiful swing
When you look at the chart below you’ll see that we are currently at around a very good level for buying some more right after we get a confirmation candle along with a solid crossing on the Slow Stochastic oscillator in the oversold area.
Bitcoin payments coming to Steam
Furthermore, a popular gaming platform, Steam, just came out with more bullish news for Bitcoin by announcing yesterday that Bitcoin is coming soon to Steam as a means for gamers to pay for various games.
News like this, like we’ve seen numerous times before, tend to work out really well for the Bitcoin bulls as price is likely to increase soon after.
So, what are you still waiting for?