More Online Retailers on Board But Bitcoin Still Flailing

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btc pic 4 nov 20

Coinbase teamed up Daily Steals to provide customized deals for Bitcoin users. This is tremendously positive as it gives more opportunities for Bitcoin users to use Bitcoins on their online purchases. Over the last couple of months, many retailers both online and offline have started accepting Bitcoin as a form of payment. This should a whole new slew of participants.

In last night’s session the BTC/USD plummeted below its support level near $373 after being unable to sustain itself, indicating that the bears are certainly active in this stage in the game. The digital currency continues to trade below its important daily moving average, with its 100-day moving average heading closer to $411.

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During the Asian morning session, the BTC/USD still is continuing to trade flat but is now forming a bearish bias, something which many analysts consider troubling. Resistance for the crypto-currency continues to remain near the$400 psychological level, whereas support on the downside is still situated around $358.

Its stochastic oscillators are additionally trending lower, which indicate that strong selling momentum is indeed present. Additionally, the BTC/USD’s relative strength index is providing us with a distinct sell signal which is of course a bearish sign. Selling pressure is due to above average volumes, which have leading experts worried as to what sort of future is in store for Bitcoinin the short-term.

Actionable Insight:

Short the BTC/USD at current levels for an intermediate target at $321, with a strict stop loss above $401.

Long the BTC/USD if it moves above $400 for a short term target at $451, with a stop loss below $383.

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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.