Bitcoin Technical Analysis

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Bitcoins

BTC/USD on the hourly charts traded in a narrow trading range unable to break above the resistance zone at $597. However, the digital currency has been finding good support at levels of $553 on the downside. The volumes for BTC/USD were low in yesterday’s trading session as traders and investors are grappling to identify the trend for the digital currency. The momentum indicator for the BTC/USD has been in a flat trajectory with negative bias that makes the support at $553 very important as any breach of this support level will lead to more selling. The relative strength index for the BTC/USD is showing no signs of an upward reversal at the current juncture.

Traders with long positions should maintain a stop loss of $553 on the downside while short traders should have their stop loss at $597.

Britain wants to be a “global centre of Financial innovation” and so its Chancellor George Osborne has decided to study the hidden potential closely in Bitcoin and other virtual currencies as part of the nation’s drive to meet the diverse need of consumers and businesses both locally and globally. But, unlike Britain, Argentina is just not thinking of innovation around this time. On Monday, Argentinean banks, Banco Santander Rio and Banco Gailicia terminated the banking services to the country’s only Bitcoin exchange, Unisend. As of now it is not clear as to why the bank accounts have been closed, but Unisend partner Jose Rodriguez said that the move will hardly impact the activities of their exchange.

But, Australians are unmoved with the controversies that surround Bitcoin and its operators as they have faith in the digital currency to the extent that they are even planning to put corpus in Bitcoin for their superannuation fund. However, the idea is far from good according to some financial professionals, who are of view that such actions could be extremely risky for investors.

Lastly, Xapo, which earned fame after announcing the first Bitcoin debit cards, is now spending time explaining its turned-off customers about fee split-ups. Earlier, Xapo had disclosed its fee schedule that included a monthly fee of $3.50-$4.50, apart from one-time charge of $15. But, now the company’s head, Wences Casares has blogged that the debit cards will carry only a one-time charge of $15, and not monthly fee, which if charged would be reimbursed back to the users.