Bitcoin continues to drift lower post the resignation of Barry Silbert as the CEO of SecondMarket. The digital currency, after stagnating for nearly a whole month is now forming lows every day and is currently trading at $584.95.

As can be seen from the hourly chart, the currency fatigued near the resistance line (the downward sloping line) of the descending triangle pattern and broke below the base support of 610. The next major support level is placed around the $545-550 mark. When looking at the overall picture, it would be fair to say that BTC/USD currently looks oversold and the RSI indicator is just above 30, hence, a pullback cannot be ruled out. However, traders must utilize any pullback as an opportunity to go short in this counter. Short positions can be built around $595 for a target of $575-580 by keeping a closing basis stop-loss just above $600. Long positions should not be considered as the profit to loss ratio is unfavorable and there is no significant sign of a trend reversal as of yet.

Bitcoin, at present, offers an attractive combination of low pricing and great prospects for long-term investors and bottom feeders who have been sitting on the sidelines to enter in these lower levels. The currency has a strong support zone around $540-550 and thus, offers incredible profit potential at low risk.

In other developments that could well shape the digital currency landscape, BTX Trader has officially launched Celery, which offers a consumer-friendly Bitcoin buying service. Customers, which were earlier unsure about how to buy fractions of a Bitcoin, will have the option now to do exactly that in a simple and clear process. Bitcoin Shop, a US Bitcoin company, has revealed its ambitions to become a “universal Bitcoin solution.” The company’s CEO, Charles Allen, announced at the North American Bitcoin Conference, that the company is now looking forward to expand its horizon and make strategic investments to complement the same.

Related Articles
  1. Retirement

    The Best Strategies to Maximize Your Roth IRA

    If a Roth IRA makes sense for you, here are ways to build the biggest nest egg possible with it.
  2. Investing

    In Search of the Rate-Proof Portfolio

    After October’s better-than-expected employment report, a December Federal Reserve (Fed) liftoff is looking more likely than it was earlier this fall.
  3. Personal Finance

    Is An Ivy League Degree Worth It?

    In 600 B.C. Aesop determined that a bird in the hand was worth two in the bush. Warren Buffett claims that this axiom can be used to determine the most valuable uses of capital. In this article ...
  4. Investing

    Time to Bring Active Back into a Portfolio?

    While stocks have rallied since the economic recovery in 2009, many active portfolio managers have struggled to deliver investor returns in excess.
  5. Chart Advisor

    ChartAdvisor for November 27 2015

    Weekly technical summary of the major U.S. indexes.
  6. Retirement

    Suddenly Pushed into Retirement, How to Handle the Transition

    Adjusting to retirement can be challenging, but when it happens unexpectedly it can be downright difficult. Thankfully there are ways to successfully transition.
  7. Mutual Funds & ETFs

    The Democratization of the Hedge Fund Industry

    The coveted compensations of hedge fund managers are protected by barriers of entry to the industry, but one recent startup is working to break those barriers.
  8. Investing

    What a Family Tradition Taught Me About Investing

    We share some lessons from friends and family on saving money and planning for retirement.
  9. 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.
  10. 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.
  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