BTC/USD had a flat session in yesterday’s trading session trading in a very tight range. The digital currency over the last couple of trading sessions had taken very strong support at $481 and continued to hold onto the support which is being seen as a huge positive by traders in the near term. The digital currency is unable to move above the resistance zone at $516, which is being closely watched by traders, and investors as any upmove in the digital currency would occur only if it closes above this level. The stochastic oscillators for the BTC/USD has entered into the overbought zone but are currently showing no signs of a reversal, at the same time traders should maintain strict stop losses as the lack of buying at higher levels is a cause of concern.

Actionable Insight:

Long BTC/USD only if it closes above $517 for an intermediate target of $540 with a strict stop loss at around $498.

In the last week, Australia's regulatory body ATO had released taxation guidelines with respect to Bitcoin. The guidelines elucidated applicability of taxes on Bitcoin under various circumstances, which could be considered as a broad approach in line with other nations. However, the taxation rules remained ambiguous about the tax evasion and money laundering aspects, which came in contrast to the expectations of the general public. Different countries have adopted different taxation rules for the virtual currency to suit their individual economies, however, the global presence of the Bitcoin makes it difficult to arrive at a decision as to which country has right to fix the global taxation policy for Bitcoin.

Meanwhile, Grand Rapids embraced to the Bitcoin with a new ATM installed at its downtown Skywalk Deli. The ATM machine converts the cash into Bitcoin and a person having a Bitcoin account could exchange money with other users across the globe.

Despite the evolution of the virtual currency, 65% of consumers would not buy Bitcoin theory, according to a report published by Massachusetts Division of Banks (MDB) in association with the Conference of State Bank Supervisors (CSBS). The two bodies collected responses from over 1,000 consumers through an online survey, and the results indicated that though 51% of the respondents were aware of the digital currency, a very low ratio of them actually thought of dabbling into it. Survey further revealed that the vulnerability to risks and age demographics played majorly in affecting emotions of the survey takers.

Daily chart for BTC/USD

Related Articles
  1. Credit & Loans

    The Best Alternatives to Payday Loans

    There are better ways to handle a financial emergency between paychecks, including the 12 described here.
  2. Retirement

    Should You Pay Someone to Create a Retirement Plan?

    Nobody likes to pay for help, but it may be necessary to shell out the extra cash for proper retirement planning help.
  3. Mutual Funds & ETFs

    The Top ETFs For a Fast Recovery After a Recession

    Recession and recovery cycles are imminent in the markets. Here are the ETFs, which provide the best performance for a fast recovery after a recession.
  4. Retirement

    Going Back to Mexico to Retire: A How-to Guide

    Looking to spend your post-working days in your own or your parents’ birthplace? Here is what you need to know to plan your move.
  5. Stock Analysis

    Ford Vs. Chevy: Comparing Business Models and Strategies

    Learn about competing American car companies Ford and Chevrolet and how the two businesses differ in their approaches to the U.S. car market.
  6. Professionals

    Accounting Research Manager: Job Description & Average Salary

    Learn about the average salary of an accounting research manager as well as the necessary skills, experience and education, and licenses to hold this position.
  7. Retirement

    Sometimes It Pays to Borrow from Your 401(k)

    401(k) loans have been demonized, but they're often the most beneficial source of cash.
  8. Stock Analysis

    If You Had Invested Right After Disney's IPO

    Discover how the Walt Disney Company has been entertaining people and taking care of its shareholders since debuting on the NYSE in 1957.
  9. Professionals

    Common Interview Questions for e-Marketing Specialists

    Identify the questions most likely to be asked in e-marketing specialist interviews, and learn the best responses to set yourself apart from the competition.
  10. Personal Finance

    The U.S. Ranks 14th In Financial Literacy

    While the U.S. is the wealthiest country on the planet, the average American doesn't know much about basic financial matters.
  1. How does my spousal Social Security benefit work?

    If you have never worked or paid Social Security taxes, you will not be eligible to receive Social Security retirement benefits ... Read Full Answer >>
  2. Why are most airplane tickets nonrefundable?

    Airplane tickets are generally nonrefundable, because the majority of tickets sold are discount tickets. In exchange for ... Read Full Answer >>
  3. Is North Korea a developed country?

    North Korea is one of the poorest and least developed countries in the world. It is far from a developed country. Because ... Read Full Answer >>
  4. Does Netspend accept wire transfers?

    NetSpend accepts some types of wire transfers to add money to the prepaid debit cards it issues to its customers. There are ... Read Full Answer >>
  5. Is Mexico a developed country?

    As of 2015, Mexico is not a developed country. However, it beats the majority of its peers in the developing world on most ... Read Full Answer >>
  6. Is China a developed country?

    Despite having the world's second-largest economy and third-largest military, China is still, as of 2015, not classified ... Read Full Answer >>

You May Also Like

Trading Center