Will Coinbase Push BTC/USD Over $400

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btc pic 3 nov 19

In recent news, Coinbase announced that it unveiled a tip button for all its users which should enable clients to make micro-payments across the web. According to Coinbase, any website has the ability to install the tip feature. This should allow all users pay the website using Coinbase or Bitcoin wallets. This is considered a tremendous positive by industry experts, as it adds simplicity to the transaction process.

The BTC/USD in the overnight session slipped below its important support zone at $371 but was able to bounce back. In the early morning trade, it is continuing to build and is trading with a positive bias. The resistance for the BTC/USD still is situated at the $400 level, something Bitcoin has been unable to scale in its past few attempts. Many believe that if it were to close above the $400 level would provide a much needed boost that would push the digital currency higher.

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When looking at the BTC/USD, it still continuing to trade below its daily moving average, along with a lower trending stochastic oscillator, indicating heavy momentum on the sell side.  Although its relative strength index turned flat it’s retaining a negative bias, which is of course a bearish indicator. It is imperative to state however, that the selling is due of above average volumes, which clearly shows that bears have the upper hand and that all rallies are being sold into.

Actionable Insight:

Long the BTC/USD if it moves above $400 for an intermediate target at $441, with a strict stop loss below $371.

Short the BTC/USD if it moves below $371 for an intermediate target at $321, with a strict stop loss above $402.

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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.