With many traders remaining on the sidelines looking for a price trigger, Bitcoin is witnessing yet another uninspired trading day, devoid of any major directional move or even a sign of breaking out of the narrow range it has formed. BTC/USD edged lower to $620.95 following a steady climb from $615 to $625, but once again failing to make any move beyond the support and resistance levels.
Technically, the price is still above the support level of $615 and buying is recommended at current prices with a stop-loss (closing basis) placed just below $615 for a target of $630. Short positions are still a big NO, given that there are no visible signs of a breakdown. While it may appear that the range has continued for far too long, trading should be avoided in anticipation of a major move.
It seems that investors are opening up to the idea of more Bitcoin-based exchanges in Japan following the terrible failure of Mt. Gox, which could possibly act as an important trigger, at least for a while. This had helped push the price down from a near $1200 to $340.
Currently, Yuzo Kano, an ex- Goldman Sachs employee, has raised $1.6 million in funds to fill the void left after the Mt. Gox collapse through another Japan-based Bitcoin exchange called bitFlyer. This development follows a similar announcement earlier this month by the China-based ATM manufacturer BitOcean and the New York-based Atlas ATS to launch an exchange in the Japanese market.
Meanwhile, in India Bitcoin supporters have ramped up their efforts to re-launch the cryptocurrency, following the red flag given by the Reserve Bank of India. Bitcoin start-ups such as Coinsecure and Unocoin, are working towards placing Bitcoin as a recognized currency and are confident that eventually, things will turn in favour of the cryptocurrency.
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