By: Ben Myers

BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones. As per Andrews Pitchfork, BTC/USD has very good support at levels of $543 whereas the resistance for the BTC/USD comes at around $610 which is also the downward sloping trend line and also the upper band range of the triangle. The momentum indicator for the BTC/USD has been in a downward momentum proving that every bounce from lower levels has been sold into by traders. The relative strength index for the BTC/USD has formed a lower high which is a bearish sign.

For long traders the support level should come at around $562 which if broken can see the digital currency fall to levels of $525 in the near term. Short traders should keep a strict stop loss at levels of $612; any break above this level can see the BTC/USD rally to levels of $660 in the very near term.

The latest example of how Bitcoin is steadily clearing the doubts about its future is set by Josh Garza of a mining equipment firm GAWMiners. Garza has acquired domain for a whopping $1 million and told Cryptocoinsnews that he had some remarkable things in the works in the mining space and digital currencies. Domain Guardians, the brokers, consider domain just not catchy, but also has the power to establish the holder as a market leader. Bitcoin domains have off late been providing a huge stream of cash flow as evidenced from the recent sale of at $250,000.

Another mining pool operator, has reportedly generated $250 million worth of Bitcoins since it started functioning on August 3 of last year. The report is revealed at a time when the mining operator is surrounded by investigations for its oversized cut of the Bitcoin network hashrate, which is as close as 50%. For which, the company has started a campaign to defend the case with full transparency and is witnessing users’ support, who are increasing steadily.

On the contrary, Kyrgzstan's central bank is not happy with bitcoin as it has released statements indicating that the use of cryptocurrency is illegal. The National Bank of the Kyrgyz Republic has not only alerted about the risky nature of the virtual currency, but has gone one step ahead to warn Bitcoin users that they will violate the legislation of the Kyrgyz Republic, which will attract legal liability.


Related Articles
  1. Savings

    Easy Ways to Go Green and Stay Budget Friendly

    Social entrepreneurs recruit "skeptics" to team green, by providing economically efficient products and services that minimize consumers' carbon footprint.
  2. Investing

    Top Investment Banks In The Energy Industry

    Many global Investment banks are highly involved in the energy industry, but there are also some smaller banks and boutiques that are strong players.
  3. Stock Analysis

    How Expensive Is Whole Foods, Really?

    Learn about Whole Foods Market, Inc., and discover how Whole Foods pricing actually compares to that of other grocery store operations.
  4. Markets

    How Does Flatiron School Work and Make Money?

    Examine the Flatiron School as it pertains to the product it offers; learn how it monetizes its product and the role the school plays as an industry disruptor.
  5. Stock Analysis

    4 Quick Service Restaurants for Your Portfolio

    Learn about the four quick service restaurants with attractive investment theses and growth prospects that can be valuable additions to your portfolio.
  6. Stock Analysis

    The 5 Best Dividend Stocks in the Healthcare Sector

    Learn about the top five dividend stocks of companies operating in the health care sector that generate substantial cash flows to afford high payouts.
  7. Investing

    Baby Boomer Philanthropy Shifts Wealth Adviser Focus

    Wealth advisers who integrate philanthropy and finance planning can stand out with baby boomer clients.
  8. Investing

    Why Disrupting Television Will Take Time 

    The growing popularity of YouTube and Netflix has given rise to dire predictions about television's death. But here's why the medium may prove to be resilient.
  9. Taxes

    The Top 10 Caribbean Tax Havens

    Discover relevant tax policy information about the top 10 tax havens located in the Caribbean, including the Cayman Islands and the Bahamas.
  10. Retirement

    The 5 Best Retirement Communities in Dallas, Texas

    Discover why the Dallas/Fort Worth area of Texas is a popular retirement destination, and five of the best retirement communities in the area.
  1. How do mutual funds compound interest?

    The magic of compound interest can be summed up as the concept of interest making interest. On the other hand, simple interest ... Read Full Answer >>
  2. Who decides to print money in Russia?

    The Central Bank of the Russian Federation (CBRF), like its peers in most countries, is the governmental entity responsible ... Read Full Answer >>
  3. How do I read and analyze an income statement?

    The income statement, also known as the profit and loss (P&L) statement, is the financial statement that depicts the ... Read Full Answer >>
  4. Does working capital include prepaid expenses?

    The calculation for working capital includes any prepaid expenses that are due within one year, since such prepaid expenses ... Read Full Answer >>
  5. Does working capital include short-term debt?

    Short-term debt is considered part of a company's current liabilities and is included in the calculation of working capital. ... Read Full Answer >>
  6. Do mutual funds pay interest?

    Some mutual funds pay interest, though it depends on the types of assets held in the funds' portfolios. Specifically, bond ... Read Full Answer >>

You May Also Like

Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!