Bitcoin Technical Analysis 31st July

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BTC/USD

BTC/USD on the hourly charts broke below the important support level of $572 which it had been clinging onto since last couple of days. As soon as the support was breached, BTC/USD saw a huge sell off on the back of above average volumes. This led to the BTC/USD forming a new low of around $554. There seems to be some sense of pull back from these levels, but it is more of a profit taking by traders who were short on the digital currency. The momentum indicators are in bearish territory confirming that momentum has clearly shifted towards the sell side. The relative strength index bounced back from the oversold zone but is showing no signs of an inherent strength.

Resistance for the BTC/USD would be around the $564 level which was the previous low, and the second-resistance level would be $572. Support for the digital currency currently stands at $554 which is the immediate low formed by BTC/USD.

More positive news for Bitcoin came from the latest big name to join the list of digital currency adopters – Wikimedia Foundation a non-profit organization that operates Wikipedia. The foundation has disclosed that it will accept donations in bitcoins, for which, it has engaged Coinbase to process the payments and convert them into dollars. Also, Coinbase will waive off processing fee applicable for registered non-profit groups. Thus, Wikimedia becomes another taker after Expedia; Dell and Dish Network recently opened to Bitcoins.

The growing list of Bitcoin adopters has prompted Overstock.com, an e-commerce giant, to declare its intentions of taking Bitcoins to international customers, within four to six weeks. Currently, Overstock’s Bitcoin program is highly U.S. centric and so are their merchant offerings, like that of Dell, Expedia and others. In the meanwtime, Coinbase has said that if Overstock expand to international horizons, than it might do so with its services as well.

Whilst international customers are important to Overstock, Las Vegas winners are critical to Robocoin, a Bitcoin ATM company. Robocoin has successfully installed; it’s first Bitcoin ATM right on the Las Vegas Strip, into a souvenir shop that witnesses over 100,000-foot traffic each day. Robocoin is confident that the area is safe and secure for the winners to get their winnings converted into Bitcoins.

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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.