Bitcoin Technical Analysis

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Bitcoin

Bitcoin

Hourly charts show that BTC/USD is been trading in a narrow range with positive bias. The digital currency has taken good support at levels of $584 and has resistance at levels of $590 on the upside. The BTC/USD has formed an ascending triangle on the hourly charts. The stochastic oscillator has given a fresh buy signal which is line with bullish stance for the digital currency. The relative strength index has been in flat trajectory with positive bias.

Traders who are long on the digital currency should keep a strict stop loss of $582 with a primary target of $598 in short term. Traders should short the BTC/USD only if it breaks below the support zone at $579 for a primary target of $564 in the very near term.

As Bitcoin is increasingly expanding its horizons, there is a group named, CIA Project that has claimed that the Bitcoin is nothing but a project operated by the US National Security Agency (NSA). The group is involved in tracking the government organizations and has come up with its claims based on some of the solid evidence. The group said that the last name of the Bitcoin creator, Satoshi Nakamoto, means “Central Intelligence”, when translated in Japanese. Further, the group came up with number of reasons, like removal of CIA connected posts from Bitcoin Forum, no personal identity revealed of Nakamoto and WikeLeaks document in this reference, all points out to the NSA’s affiliation with the virtual currency program.

Despite those claims, there is yet another case of how things are shaping up for Bitcoin as a 1.4 acre site near Lake Tahoe in California has been sold in exchange of 1.6 million bitcoins. The transaction marks one among the latest series of real estate deals, but has set a record in terms of its price, where the bitcoins were priced at 2,739. According to Brian Hull, who is a director of sale at Martis Camp said that the purchaser of the property is a Silicon Valley entrepreneur, who has entered into the deal through a trust and intends to build a home on the site. Hull did not disclose the identity of the buyer; bur said that the idea of paying through bitcoins was first proposed from the buyer himself. Hull agreed that their company had little awareness about the Bitcoin, but finally consented to the deal.