Bitcoin Dropping as Important Conference Approaches

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btc pic 2 dec 4

The Latin American Bitcoin Conference, which takes place every year to discuss the new developments and various companies that are associated with the crypto-currency, is scheduled to occur in Rio de Janeiro the sixth and seventh of December. It comes at a very interesting time for the Latin American markets, as there has recently been a rising interest in the digital currency across the region and most governments are in the midst of employing capital controls to save their weak currencies. Many believe that Bitcoin’s future will be both interesting and rather tumultuous in the Latin American markets.

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After trading in a very narrow trading range over the past few days the BTC/USD finally caved in to selling pressure during last night’s session. The crypto-currency has been facing considerable resistance at higher levels and has not been able to climb above $385, while taking support at $363 on the downside.

Additionally, the BTC/USD is trading below its daily moving average, highlighting an increase in selling pressure and its stochastic oscillator is on the verge of giving a sell signal. Furthermore, its relative strength index is providing a clear sell signal, which is undoubtedly a bearish sign, and is pointing towards an impending downturn for the digital currency. Lastly there is an increase in the lack of trading volumes at higher levels, indicating a decrease in buying interest for the digital currency at the current moment.

Actionable Insight:

Short the BTC/USD at current levels for a short term target at $321 with a strict stop-loss above $385.

Long the BTC/USD only if it moves above $387 level for an intermediate target at $412 with a stop-loss below $370.