Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Bitcoin Surging Thanks To The Netherlands Supermarket Chain

By Ben MyersForexNov 30, 2014 06:15AM ET
Bitcoin Surging Thanks To The Netherlands Supermarket Chain
By Ben Myers   |  Nov 30, 2014 06:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

After the upward price momentum was tempered towards the close on Friday, Bitcoin's (BTC-eUSD) price pushed higher, reaching a high of $386.60. The current price stands at $381.40, up $4.54 or 1.20%. The price action tested the first daily resistance level at $386.49, but this was rejected. The price now currently lies above the daily Fibonacci support at $380.98. If the price breaks this level, its next support will be found at $363.15.

A city center supermarket store, Spa, in Arnhem, the Netherlands, started to embrace Bitcoin payments, along with over 40 other merchants in the city. This marks the first franchised supermarket in the Netherlands to accept Bitcoin, which could certainly tip the scales in Bitcoin’s favour among supermarket retailers in the country. The Arnhem Bitcoin City project was started in May and the goal of this project is to enable all consumers to pay their everyday expenses in Bitcoin. Spar have said they may roll this service out to other franchises if it proves to be a success, but for now, their intentions are just to wait and see.

The price action at the hourly time frame on the BitStamp exchange is shown below. The outlook overall is bullish, as the price had moved above the Ichimoku cloud and the base line, both indicating bullish momentum. Additionally, the lagging line has pierced the cloud to the upside, which signals the start of an upward trend. Finally, the cloud projected ahead has turned green, after the green span moved above the red span. Going forward, the green and red spans on the cloud should act as support if the upward move fails to last. Furthermore, using the relative strength index, it is expected that prices will push higher, since the relative index is below 70, indicating that the market is not overbought yet. When the overbought zone is reached, the price should then move towards the cloud. As of now,the relative strength index lies at 61.2, indicating an upward trend, since this number is larger than 50.


However, at the 4-hour time frame, there is no strong confirmation of an upward trend as of yet. The price has moved above the cloud and the relative strength index is at 58.3, but the lagging line has not yet moved above the cloud. The base line is above the conversion line, indicating bearish momentum, but this is a weak signal since the price is above the cloud. The upper part of the cloud, which indicates support, should be found around the $375 level and then at the $368.58 level in the coming days.

BTC/USD 4-Hour Chart
BTC/USD 4-Hour Chart

Bitcoin Surging Thanks To The Netherlands Supermarket Chain

Related Articles

Kathy Lien
FX Traders Look Past Sell-Off In Stocks By Kathy Lien - May 11, 2021 11

Stocks sold off sharply on Tuesday, with the Dow Jones Industrial Average dropping more than 1% and the NASDAQ losing 2%. As this was the biggest one-day decline since February, it...

Blake Morrow
Chart Of The Day: AUD/NZD By Blake Morrow - May 11, 2021

AUD/NZD has been trapped in a descending channel for the last couple months, with resistance at the 1.0800 level near term. Support is at the 1.0700 level and if the channel...

Scott Barkley
AUD/JPY: Reversal Trade By Scott Barkley - May 11, 2021

BearishWe are currently at 85.11 in a range and in a reversal. We are looking for an initial move to the ATR (Target at 84.54 area. A further target is the 84.00 support.  Watch...

Bitcoin Surging Thanks To The Netherlands Supermarket Chain

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email