BTC/USD has been trading in a very narrow range with an upward resistance at $529 and support at the lower end near $488 level. The BTC/USD after seeing a sharp selloff has been trading in this narrow trading range on back of low volumes, which is a cause of concern for bulls as the low volumes are indicative of momentum still being in the hands of the bears. Bulls are closely looking at the level of $527, which the 20-day exponential is moving average as only a close above would give traders any belief of a reversal from the current downtrend. The momentum indicator has given a fresh buy signal but the low volumes pose a concern, as traders aren’t fully convinced about the shift in momentum to the buy side.

Actionable Insight:

Long BTC/USD only above $527 with a target at $545 with a stop loss at $497

Short BTC/USD below $488 with a target at $390 with a stop loss at $513

Bitcoin and Gold may be relative in a lot number of ways, but as far as stability and taxation is concerned, some of the Bitcoin enthusiasts still consider gold as a better investment option over Bitcoin. Few doubt the survival of the virtual currency over a longer term, while others believe that the bitcoins are more volatile than gold, given its trend over the last few years. Again, bitcoins USA tax status is better than gold, which is strictly regulated as per Foreign Bank and Financial Accounts (FBAR), but it is true that IRS is reviewing virtual currencies implying regulation could cover Bitcoin too in future.

While Bitcoin may be not as glittering as gold but it surely is an exciting game for poker players around the world. An online gaming company, 'SealsWithClubs' has got creative as it will allow the poker players to place their bets in Bitcoin, which will give than anonymity and at the same time faster payouts within four to twelve hours. According to a gambling information hub, RightCasino.com, SealsWithClub establishes the growing popularity in the online gambling world as it saves people from a bunch of problems associated with traditional currency and let Americans place their wagers in Bitcoin, who until now could not place bets on dollar denominated online poker gaming sites as those are banned in the nation.

The increasing popularity of the virtual currencies has touched the Ecuador too, but not to the benefit of the public, rather to act as a tool to indulge in monetary devaluation, a system that had disrupted the country during the 20th century. In 2000, the nation had abolished the system by adopting dollar as its currency, but now the President Rafael Correa has found the electronic currency as a way to get back into conjuring money to fund political agenda.

BTC/USD

Related Articles
  1. Retirement

    Longevity Insurance: Can You Afford Life into Your 90s?

    A man who reaches retirement age is likely to live until he’s 84. A woman is likely to make it to 86. But what if you live longer?
  2. Investing News

    This Is Why Every Chipotle Is Closed for One Day

    Chipotle Mexican Grill Inc. (CMG) has had a rough year when it comes to food safety. Management is hoping that closing all locations for a company-wide meeting Monday will help resolve the issues ...
  3. Credit & Loans

    What is an Alt-A Mortgage?

    Called "liar loans" for their low documentation requirements, Alt-A mortgages were hot until the subprime crisis. Now Wall Street wants to bring them back.
  4. Credit & Loans

    A FICO-free Loan? See SoFi's Super Bowl Ad

    Non-bank lender SoFi will air its first TV ad during Super Bowl 50. Here's how it's challenging big banks by providing an alternative approach to loans.
  5. Economics

    India: Why it Might Pay to Be Bullish Right Now

    Many investors are bullish on India for all the right reasons. Does it present an investing opportunity?
  6. Personal Finance

    What it Takes to Get a Green Card

    Grounds for getting a green card include having family members in the U.S., being a certain type of refugee or specialized worker, or winning a lottery.
  7. Fundamental Analysis

    The 3 Best Investments When Bull Markets Slow Down

    Find out why no bull market lasts forever, and why investors should shift their assets away from growth and toward dividends when stocks slow down.
  8. Investing

    Retirees: 7 Lessons from 2008 for the Next Crisis

    When the last big market crisis hit, many retirees ran to the sidelines. Next time, there are better ways to manage your portfolio.
  9. Fundamental Analysis

    3 Long-Term Investing Strategies With Strong Track Records

    Learn why discipline and a statistically valid investment strategy can help an investor limit losses and beat the market over the long term.
  10. Products and Investments

    There's a Reason They're Called Junk Bonds

    The closing of Third Avenue Managemet's Focused Credit Fund is a warning to investors and advisors. Beware the junk.
RELATED FAQS
  1. What is arbitrage?

    Arbitrage is basically buying in one market and simultaneously selling in another, profiting from a temporary difference. ... Read Full Answer >>
  2. What is Fibonacci retracement, and where do the ratios that are used come from?

    Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician ... Read Full Answer >>
  3. What is a derivative?

    A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, ... Read Full Answer >>
  4. What is finance?

    "Finance" is a broad term that describes two related activities: the study of how money is managed and the actual process ... Read Full Answer >>
  5. What items are considered liquid assets?

    A liquid asset is cash on hand or an asset that can be readily converted to cash. An asset that can readily be converted ... Read Full Answer >>
  6. What is comparative advantage?

    Comparative advantage is an economic law that demonstrates the ways in which protectionism (mercantilism, at the time it ... Read Full Answer >>
COMPANIES IN THIS ARTICLE
Trading Center