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Bitcoin Surging Thanks To The Netherlands Supermarket Chain

By Ben MyersForexNov 30, 2014 06:15AM ET
www.investing.com/analysis/bitcoin-surging-thanks-to-the-netherlands-234125
Bitcoin Surging Thanks To The Netherlands Supermarket Chain
By Ben Myers   |  Nov 30, 2014 06:15AM ET
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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.

BTC/USD Daily
BTC/USD Daily

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
 
Bitcoin Surging Thanks To The Netherlands Supermarket Chain

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