Bitcoin Down & MasterCard Wants it Out

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btc pic 4 dec 3

MasterCard has asked the Australian Senate not to adopt Bitcoin as it can encourage money laundering activities, with its anonymity feature that it provides its users. They additionally mentioned that the crypto-currency could be used for illegal activities such as online drug purchases.

However, industry experts believe that the credit card processing giant has a tremendous amount at stake. Bitcoin, they feel has the potential to erode MasterCard’s market share by providing cost effective services to its users around the globe The only way to impede Bitcoin is to create a ruckus and potentially prevent it from gaining traction.

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Meanwhile, the BTC/USD is continuing its sideways trading trajectory, which analysts find troubling. Additionally, the lack of volumes is a further cause for concern as a lack of buying interest makes the BTC/USD susceptible to encountering heavy selling pressure.

As of now the BTC/USD is still trading below its daily moving average, highlighting the strong selling pressure the digital currency endured over the past few months. Its stochastic oscillator is showing increasing signs of a bearish reversal, implying a downwards trend is imminent. Furthermore, its relative strength index is additionally exhibiting no inherent strength, which is of course a bearish sign. The BTC/USD’s resistance continues to remain near the $385 level while its support can be found at the $363 zone on the lower end.

Actionable Insight:

Long the BTC/USD only if it moves above $385 for an intermediate target at $412, with a strict stop-loss below $363.

Short the BTC/USD if it moves below $357 for an intermediate target at $321, with a strict stop-loss above $383.

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.