Past Sins Continue to Haunt Bitcoin

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btc pic 3 dec 2Global Advisors, the first regulated Bitcoin fund managed out of Jersey received notices from banks such as HSBC, which stated that they will no longer do business together. These banks severed all ties with and closed all accounts for the Bitcoin fund. The bank in its defence said that the step it took was due to increased concern over “money laundering activities”.

Daniel Masters, the fund manager for Global Advisors stated that the steps taken by HSBC will negatively affect the Bitcoin industry’s growth in the long-run. He believes that by closing down the accounts, it will be nearly impossible to raise funds, which according to him had met all of the regulatory standards and received all approvals.

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In today’s early morning session, the BTC/USD continued to trade flat but maintained a positive bias, which is providing some hope to the bulls. It is now is continuing to trade sideways due to a lack of buying interest present at current levels. The crypto-currency still is finding support at $363 but has been encountering resistance at $385, thereby causing it to trade in a very narrow range. Additionally, its stochastic oscillator is indicating apparent weakness, thanks to a build-up of selling pressure.

The relative strength index for the BTC/USD is showing signs of inherent weakness, which is of course a bearish indicator. Additionally, it is still trading below its daily moving average. Another important thing to consider is the lack of volumes, which has a few analysts concerned.

Actionable Insight:

Long the BTC/USD if it moves above $385 for an intermediate target at $412 with a strict stop-loss below $363

Short the BTC/USD if it moves below $360 for an intermediate target at $321, with a strict stop-loss above $390.

 

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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.