Agora Commodities stated that it will be re-branding itself to emphasize its interest in Bitcoin. The company hopes to adopt the name Crypto Bullion Group, a process that will include the launch of a new online trading platform.
Its CEO believes re-branding prominently shows which direction the company desires to take and wants to let the world and the commodities market know where the next major growth area will shortly be emanating from. Agora Commodities already started forging partnerships with start-ups in order to provide an end-user experience for traders that has never before been experienced.
BTC/USD was able to climb above its $372 resistance level during last night’s session, something which many analysts see as a positive step. Currently it is experiencing resistance at the $400 psychological mark. It is imperative to state however, that the crypto-currency has been forming lower-lows and lower-highs, which indicates that the bears are using every rally as a selling opportunity.
The BTC/USD still continues to trade below its important daily moving average. However, its stochastic oscillator seems to be giving a buy signal, pointing towards a shift in momentum towards the buy side. Additionally, the digital currency’s relative strength index is providing a buy signal, which is certainly beneficial for the near-term. Lastly support for the BTC/USD on the downside lingers near $347.
Long the BTC/USD if it moves above $400 for an intermediate target at $431, with a stop-loss below $377.
Short the BTC/USD if it moves below $375 for an intermediate target at $347, with a stop-loss above $400.