Breaking News
0

Will Interest From Japan And India Spark A Bitcoin Break?

By Ben MyersForexJul 23, 2014 05:47AM ET
www.investing.com/analysis/will-interest-from-japan-and-india-spark-a-bitcoin-break-220358
Will Interest From Japan And India Spark A Bitcoin Break?
By Ben Myers   |  Jul 23, 2014 05:47AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

60 Min BTC/USD
60 Min BTC/USD

With many traders remaining on the sidelines looking for a price trigger, Bitcoin is witnessing yet another uninspired trading day, devoid of any major directional move or even a sign of breaking out of the narrow range it has formed. BTC/USD edged lower to $620.95 following a steady climb from $615 to $625, but once again failing to make any move beyond the support and resistance levels.

Technically, the price is still above the support level of $615 and buying is recommended at current prices with a stop-loss (closing basis) placed just below $615 for a target of $630. Short positions are still a big NO, given that there are no visible signs of a breakdown. While it may appear that the range has continued for far too long, trading should be avoided in anticipation of a major move.

It seems that investors are opening up to the idea of more Bitcoin-based exchanges in Japan following the terrible failure of Mt. Gox, which could possibly act as an important trigger, at least for a while. This had helped push the price down from a near $1200 to $340.

Currently, Yuzo Kano, an ex- Goldman Sachs employee, has raised $1.6 million in funds to fill the void left after the Mt. Gox collapse through another Japan-based Bitcoin exchange called bitFlyer. This development follows a similar announcement earlier this month by the China-based ATM manufacturer BitOcean and the New York-based Atlas ATS to launch an exchange in the Japanese market.

Meanwhile, in India Bitcoin supporters have ramped up their efforts to re-launch the cryptocurrency, following the red flag given by the Reserve Bank of India. Bitcoin start-ups such as Coinsecure and Unocoin, are working towards placing Bitcoin as a recognized currency and are confident that eventually, things will turn in favour of the cryptocurrency.

Currently the Indian government is unclear about how laws would apply to Bitcoin with NA Vijayshankar, a cyber-law expert, stating that the government should not really interfere with Bitcoin transactions at present, but may well make digital currencies taxable in the future.

Will Interest From Japan And India Spark A Bitcoin Break?
 
Will Interest From Japan And India Spark A Bitcoin Break?

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 Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
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 Investing.com'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
or
Sign up with Email