Bitcoin Still Trapped Among Bears

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btc pic 4 dec 10

Barry Silbert, the former CEO of SecondMarket bought 48 thousand Bitcoins that were put up for auction by the US Marshall Service. These Bitcoins were seized from the now defunct online market place Silk Road. Timothy Draper, who won the first auction earlier this year, was able to grab the remaining 2,000 Bitcoins. Many analysts are speculating as to what the actual bidding price was. However, the Bitcoin start-up HashFast has decided to liquidate and sell all of their remaining assets.

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The BTC/USD came under intense selling pressure in yesterday’s trading session after breaking below its important support zone near the $360 level. Today it is trading even lower, which is causing concern among analysts. As of now it is continuing to trade below its daily moving average and forming lower-lows and lower-highs, clearly implying that the bears are in total control at the current moment. Additionally, the stochastic oscillator for the BTC/USD is continuing to trend lower and is showing no sign of reversing. Furthermore, its relative strength index is providing yet another sell signal and is forming a lower-high, which is of course a bearish sign. Lastly, the BTC/USD fell beneath its upward sloping trend-line support on the back of the price action that was seen yesterday.

Actionable Insight:

Short the BTC/USD at current levels with a strict stop-loss above $362, for an intermediate target at $321.

Long the BTC/USD only if it moves above $361 for an intermediate target at $390, with a stop-loss below $352.

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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.