Bitcoin Technical Analysis 22nd July

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BTC7

A close look at daily charts of BTC/USD shows that the digital currency is trading in a very narrow range on back of low volumes but has taken strong support at $609 which is also the monthly pivot level for the digital currency. Aggressive traders are watching the aforementioned level as any close below the above level would lead to reversals of many long trades. BTC/USD in yesterday’s trading session touched made an intraday low of $611.5 but saw some buying at lower levels and closed towards the higher point of the day. The momentum indicators for the digital currency are in flat trajectory which confirms the current sideways movement in BTC/USD.

btc/usd

BTC/USD on hourly charts has support at levels of $611.94, but has been trading in a very narrow trading range, finding it difficult to cross the resistance levels of $616.94. The MACD for the BTC/USD has provided a fresh buy signal on low volumes. For long term traders, a an entry point should be initiated above $617 with a strict stop loss at $611.  Meanwhile, short trades should be initiated once the BTC/USD closes below $611 with a stop loss set at $617.

In other news Latvia based airline, airBaltic has become the first airline to accept Bitcoins as a mode of payment, announcing through twitter rather than releasing an official press release.However, the airline made it clear that the Bitcoin payment is applicable on basic class fares to select countries, and travellers will have to pay a handling fee of €5.99 on each of the transaction. The use of cryptocurrency is gaining traction in the travel sector with Expedia, a key travel player, embracing the virtual currency for hotel bookings last month and reporting that the response turned out better than expected.

The increasing number of businesses accepting the digital currency only bodes well for the future despite the current narrow trading range and may provide strong buy opportunity for medium and long term trades.

 

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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.