New Wallets Means New Life for Bitcoin

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btcusd oct 27

Bitcoin, which has been sliding over the past couple of weeks finally seems to be heading in the right direction. Two new Bitcoin wallets, Trezor and BTChip were just unveiled and are finally available for use.

Even though Bitcoin security issues are being addressed, many users continue to face threats from malware, which analysts believe could play a destructive role, forcing many potential users to look for alternative payment options.

Experts feel that in order for Bitcoin to become a mass movement, security features must improve from their current standing, which is why according to a recent report, many of the early adopters of Bitcoin are now starting to question its inherent value.

BTC/USD broke below its support zone of $360 because of above average volumes, which is a bearish indicator. This level has now become a stiff resistance, as prices have been unable to breach above the level each of the last two times. The next level of support for the digital currency comes near the $337 level which should be closely watched by traders.

The BTC/USD continues to trade below its daily moving averages which is indicative of its current downwards trend. Additionally, its momentum indicator is still in bearish territory, however it’s starting to show its first signs of a potential reversal. Lastly, the relative strength index is currently sitting in the bearish zone and is not indicating any signal of an apparent reversal.

Actionable Insight:

Short the BTC/USD at current levels, with a strict stop loss above $363 for a medium-term target at $300

Long the BTC/USD if it moves above $363 for a medium term target at $398, with a strict stop loss below $348

 

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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.