The Bitcoin market desperately needs a big news or development that could trigger a breakout in the price which has been moving sideways in a narrow band of 20-25 points since 5th July 2014. The digital currency, which is currently trading at $617.44, has been unable to maintain its strength in either direction as can be seen from the RSI indicator. The price range is getting narrower and is marked as the rectangular box.

In the event of such an extended consolidation period, traders and investors alike must get more cautious as it is mostly followed by a big swing. The BTC/USD hourly chart clearly depicts S1 as a strong support and the inability of the price to close below it is a bullish sign. Traders are advised to build long positions in this counter at current levels for a target of 630 from a near-term perspective. The stop-loss for the trade should be placed just below S1 on a closing basis.

The craze for Bitcoin continues to grow in Vietnam with the country’s first live Bitcoin exchange, VBTC launched last week. Following the footsteps of California-based Expresscoin, Bitcoin brokerage provider Trucoin has introduced buying services in eight US states which include Florida, Massachusetts, Missouri, Montana, New Jersey, New Mexico, South Carolina and Texas. Optimal Payments PLC-owned NETELLER has restricted all the transactions involving virtual currencies in the revised terms of services agreement. Elliptic has successfully raised funds to the tune of $2 million from Octopus Investments to further the product development for its Bitcoin Vault services. TradeBlock, led by Andreessen Horowitz, has managed to raise $2.8 million in funding to focus on its order management system for over-the-counter trading. GHash, in an effort to assuage the concerns of the Bitcoin community related to the 51% threat, has agreed to cap its share of the total Bitcoin network to 39.99%.

BTCUSD 71714

Related Articles
  1. Investing

    What a Family Tradition Taught Me About Investing

    We share some lessons from friends and family on saving money and planning for retirement.
  2. Retirement

    Two Heads Are Better Than One With Your Finances

    We discuss the advantages of seeking professional help when it comes to managing our retirement account.
  3. Financial Advisors

    Tips on Passing the CFA Level I on Your First Attempt

    Obtain valuable tips and helpful study instructions that can help you pass the Level 1 Chartered Financial Analyst exam on your first attempt.
  4. Professionals

    The Best Financial Modeling Courses for Investment Bankers

    Obtain information, both general and comparative, about the best available financial modeling courses for individuals pursuing a career in investment banking.
  5. Stock Analysis

    These are Twitter's 4 Biggest Bets for Next Year

    Looks at Twitter's plans for 2016 under CEO Jack Dorsey, who has returned to lead the company he founded seven years after he was replaced.
  6. Investing Basics

    Why Interest Rates Affect Everyone

    Learn why interest rates are one of the most important economic variables and how every individual and business is affected by rate changes.
  7. Entrepreneurship

    Top 5 Billionaires Living In Dallas

    Learn who the richest of the rich are in a city known for creating some of the world's wealthiest people, and read how they amassed their vast fortunes.
  8. Credit & Loans

    Best 3 Online Auto Loan Calculators that Include Tax

    Learn where you can find the best auto loan calculators online that include sales tax, and understand the different features these calculators offer.
  9. Taxes

    Tax Breaks For Volunteering

    Your volunteer ventures could earn you some welcome tax deductions, along with the satisfaction of helping others.
  10. Retirement

    5 Secrets You Didn’t Know About Traditional IRAs

    A traditional IRA gives you complete control over your contributions, and offers a nice complement to an employer-provided savings plan.
  1. Are secured personal loans better than unsecured loans?

    Secured loans are better for the borrower than unsecured loans because the loan terms are more agreeable. Often, the interest ... Read Full Answer >>
  2. Is Israel a developed country?

    Israel is considered a developed country, although it has substantial poverty and large income gaps. The International Monetary ... Read Full Answer >>
  3. Can personal loans be included in bankruptcy?

    Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case ... Read Full Answer >>
  4. How many free credit reports can you get per year?

    Individuals with valid Social Security numbers are permitted to receive up to three credit reports every 12 months rather ... Read Full Answer >>
  5. Is the Wall Street Journal considered to be a conservative publisher?

    The Wall Street Journal is controlled by Rupert Murdoch via Dow Jones Publications, which in turn is owned by Murdoch's News ... Read Full Answer >>
  6. Is Spain a developed country?

    Spain is a developed country. Nearly all organizations that analyze development status classify it as such. Spain has a strong ... Read Full Answer >>

You May Also Like

Trading Center