Bitcoin Technical Analysis 14th August



BTC/USD on the daily charts has broken below the important support zone at around $552 which is a huge negative for the digital currency. The price action witnessed in yesterday’s trading session was on the back of above average volumes which is a bearish indicator for the digital currency. Buying support seems to have gone missing as price action seems to suggest sellers having the upper hand at the current moment of time. The price action has also formed a triangle breakdown on the daily charts and the BTC/USD can see levels of $480 in the very near term.

Actionable Insight:

Traders can go short on the BTC/USD from current levels with an intermediate target of $480 with a strict stop loss at $553.

Traders should enter long positions only if the BTC/USD trades back above the $552 with a primary target at $572 with a stop loss at $521 levels.

Berlin based Bitbond that reaches out to small enterprises and individuals, who often find it difficult to source funds via traditional means, has received funding from VC Point Nine Capital. Besides, VC Capital, CEO of BillPay, Nelson Holzner has also made a contribution of $267,000 to the funding. Bitbond aims to utilize the capital towards putting together a team of programmers, step up its marketing activities and to improve its platform functionality. VC has a historic track record of investing into businesses that create waves and so, the new funding suggests that Bitcoin is the new wave.

That could also be associated with the Overstock’s latest robust bitcoin sales. During an exclusive interview with Reuters, Overstock CEO Patrick Byrne said that in the last eight months, from January, the bitcoin sales have surpassed $2 million or 1% of the company’s total sales. Inspired by the numbers, Byrne now keeps his eyes on $6-$8 million target sales this year. Byrne expects that out of $0.75-$0.80 earnings per share, bitcoins are projected to contribute $0.04 per share, certainly unbelievable.

At the same time, CAVIRTEX, which claims itself as the biggest bitcoin exchange and service provider, has launched not one, but six new bitcoin ATM, right outside of Gateway Newstands in Mississauga and Toronto. ATMs are equipped with more security features and charge a convenience fee of 5-10%, however, selling is not enabled on the machines as of now.

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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.