After an elongated narrow range with a real lack of movement or interest, Bitcoin has now been trading in a narrow, downward range for the past few sessions. The digital currency is in a perfect lower top, lower bottom trend and in the absence of any major positives, mightwell continue as such. The hourly chart shows that all the rises until the resistance line are being sold, whilst every decline until the base support line are being bought. The RSI indicator is placed close to 46, validating the same. Each Bitcoin is now valued at $581.
BTC/USD has provided the traders with another opportunity to range-trade the pair. Traders may go short in this counter on every rise up to 585 for a target of 575 by keeping a stop-loss above 588. Similarly, every decline till 575 should be bought into for a target of 585 by placing a stop-loss just below 572. It must be noted that a breakout in either direction could lead to a swift movement in the currency and hence, stop-losses must be followed. Since the market is now waiting for another trigger, traders and investors must also stay updated with the latest news and information. Medium to long-term support still stands at 550.
Due to an unfortunate lightning strike, the people of Arizona have lost their one and only Bitcoin ATM machine, Skyhook. The machine was installed only last week and was operated by Javelin Investments LLC. In an effort to address the long-recognized problem of Bitcoin’s price volatility, a Bitcoin wallet provider Coinapult, has launched a service called LOCKS. This offering allows users outside the US to peg their Bitcoin to the price of gold, silver, British Pound, US dollar and euros. California-based ZipZap has raised $1.1 million to fund the company’s expansion projects to new markets. The global transaction network provides cash-to-Bitcoin services and wire transfer Bitcoin buying option.