Bitcoin Technical Analysis

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BTC/USD

After an early morning fall BTC/USD finally got some respite in today’s trading session as it recovered from Intraday low of $578.21. The cryptocurrency has strong support at $577.66 whereas resistance can be found at $605.86. BTC/USD is currently consolidating in a very narrow trading range and making all efforts to move up. Going forward, a level of $590 needs to be closely watched, as any breakout above that level would take the currency higher towards $605.
As Bitcoin is slowly but firmly gaining ground in different parts of the world, there is another new member added to the digital currency world, Stellar is a San Francisco based Start-up Company; Stripe has launched Stellar on its already existing network that allows users to transact in any currency online. The concept of Stellar is seeded by Stripe’s CEO, Patrick Collison, and Jed Mccaleb, co-founder of Ripple. It is to be seen that how far Stellar could succeed to come into the mainstream, as Bitcoin continues to do so.
Meanwhile, the Bitcoin Foundation’s executive director, Jon Matonis is working hard to encourage the use of Bitcoins in place of traditional money that his foundation could literally be termed as a Bitcoin governing body. However, the funding members are strongly pressing their case to develop a viable payment network for the currency now. In fact, Matonis work and entrepreneur’s goals are so conflicting that it could even lead to split up of the foundation into two.
As Matonis keeps focus on inspiring people to adopt Bitcoin, there are Romanians, who are over-thrilled about the new currency. One of the poorest countries in Europe, but on the path of economic rebound is fast embracing the virtual currency in many ways. But, regulators are uncomfortable with the idea as the Romanian Financial Supervision Authority (ASF) cautioned the people against cryptocurrency and said it will need Bitcoins to show a ‘visible economic significance’ first in order to find any relevance to them.

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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.