By: Ben Myers

After breaking from the near-month long narrow trading range, BTC/USD has formed a triangle formation and is trading within a new range. In yesterday’s trading session, after hitting an intraday low of $561, a smart pull back saw the BTC/USD move above the resistance zone at $571 on the back of strong volumes. BTC/USD found resistance at the upper end of the triangle and the MACD for the BTC/USD has provided a fresh buy signal although traders should be way of the ‘dead cat bounce - A temporary recovery from a prolonged decline or bear market. The only cause of concern for traders at present volatility levels; is the way the relative strength index is behaving, as it has provided a fresh sell signal forming a lower high. The support zone for the BTC/USD stands at $572 and $561 while resistance comes at around $583 and $592.

BTC/USD got a boost yesterday after Apple Inc (NASDAQ:AAPL) allowed a Bitcoin app from blockchain on its Appstore, which was preciously pulled down in January. The development is termed as a major event for the long term prosperity of Bitcoin as Apple's move reflects a growing acceptance of the virtual currency.

Despite surrounded by a series of controversies, Bitcoin-based entrepreneurs and businesses are now looking to launch the cryptocurrency in the online gambling industry. The hopes come after the recent ban by NETELLER, which is an influential internet payment service. NETELLER located on the Isle of Man specializes in digital currency deals, particularly into the online gambling industry, but has decided to stay away from the virtual currency. However, other market players in the same region are cautiously, but positively, embracing the digital currency in order to monetize it.

Going forward developments like these would play a key role in deciding the direction for BTC/USD in short term.

BTCUSD 72914

Related Articles
  1. Investing News

    Is Quinoa Unhealthy for Bolivia's Economy?

    Is one of the world’s healthiest superfoods terribly unhealthy for its country's economy?
  2. Investing

    Top Cities Where Airbnb Is Legal Or Illegal

    Thinking of subletting your apartment on Airbnb? Make sure that you meet your city's regulations first.
  3. Markets

    Why Gluten Free Is Now Big Business

    Is it essential to preserving your health, or just another diet fad? Either way, gluten-free foods have become big business.
  4. Technical Indicators

    4 Ways to Find a Penny Stock Worth Millions

    Thinking of trading in risky penny stocks? Use this checklist to find bargains, not scams.
  5. Entrepreneurship

    World's Top 10 Serial Entrepreneurs

    There are entrepreneurs, and then there are serial entrepreneurs. Investopedia takes a look at who they are and how they keep making it big.
  6. Credit & Loans

    How Long Bankruptcy Will Affect You

    How long will the sad chapter of bankruptcy impact the rest of your life?
  7. Insurance

    Umbrella Insurance: You May Need It, Too

    If you have assets to protect – or just run a business from home – you could be unpleasantly surprised at how much you need umbrella insurance.
  8. Personal Finance

    The World's Most Luxurious Vacation Retreats

    White sand beaches, nature preserves, amazing hot springs...if you're looking for heaven on earth, these spots qualify.
  9. Budgeting

    10 Ways to Save Money at the Farmers' Market

    Strategic shopping can help your budget as well as your health.
  10. Personal Finance

    Protect Your Home From Medicaid Liens

    Plan ahead for long-term care needs to protect your home and your estate.
RELATED TERMS
  1. Record Date

    The cut-off date established by a company in order to determine ...
  2. Supply

    A fundamental economic concept that describes the total amount ...
  3. Purchasing Power

    The value of a currency expressed in terms of the amount of goods ...
  4. Investment Banker

    Someone working at an institution raising capital for companies, ...
  5. Yield To Maturity (YTM)

    The total return anticipated on a bond if the bond is held until ...
  6. Gross Profit

    A company's total revenue (equivalent to total sales) minus the ...
RELATED FAQS
  1. Are stocks real assets?

    Stocks are financial assets, not real assets. Financial assets are paper assets that can be easily converted to cash. Real ... Read Full Answer >>
  2. Why would someone change their Social Security number?

    In general, the Social Security Administration, or SSA, does not encourage citizens to change their Social Security numbers, ... Read Full Answer >>
  3. Are spousal Social Security benefits taxable?

    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
  4. What are the best ways to sell an annuity?

    The best ways to sell an annuity are to locate buyers from insurance agents or companies that specialize in connecting buyers ... Read Full Answer >>
  5. How are non-qualified variable annuities taxed?

    Non-qualified variable annuities are tax-deferred investment vehicles with a unique tax structure. After-tax money is deposited ... Read Full Answer >>
  6. Are spousal Social Security benefits retroactive?

    Spousal Social Security benefits are retroactive. These benefits are quite complicated, and anyone in this type of situation ... Read Full Answer >>

You May Also Like

COMPANIES IN THIS ARTICLE
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!