BTC/USD has been trading in a very narrow range with an upward resistance at $529 and support at the lower end near $488 level. The BTC/USD after seeing a sharp selloff has been trading in this narrow trading range on back of low volumes, which is a cause of concern for bulls as the low volumes are indicative of momentum still being in the hands of the bears. Bulls are closely looking at the level of $527, which the 20-day exponential is moving average as only a close above would give traders any belief of a reversal from the current downtrend. The momentum indicator has given a fresh buy signal but the low volumes pose a concern, as traders aren’t fully convinced about the shift in momentum to the buy side.
Actionable Insight:
Long BTC/USD only above $527 with a target at $545 with a stop loss at $497
Short BTC/USD below $488 with a target at $390 with a stop loss at $513
Bitcoin and Gold may be relative in a lot number of ways, but as far as stability and taxation is concerned, some of the Bitcoin enthusiasts still consider gold as a better investment option over Bitcoin. Few doubt the survival of the virtual currency over a longer term, while others believe that the bitcoins are more volatile than gold, given its trend over the last few years. Again, bitcoins USA tax status is better than gold, which is strictly regulated as per Foreign Bank and Financial Accounts (FBAR), but it is true that IRS is reviewing virtual currencies implying regulation could cover Bitcoin too in future.
While Bitcoin may be not as glittering as gold but it surely is an exciting game for poker players around the world. An online gaming company, 'SealsWithClubs' has got creative as it will allow the poker players to place their bets in Bitcoin, which will give than anonymity and at the same time faster payouts within four to twelve hours. According to a gambling information hub, RightCasino.com, SealsWithClub establishes the growing popularity in the online gambling world as it saves people from a bunch of problems associated with traditional currency and let Americans place their wagers in Bitcoin, who until now could not place bets on dollar denominated online poker gaming sites as those are banned in the nation.
The increasing popularity of the virtual currencies has touched the Ecuador too, but not to the benefit of the public, rather to act as a tool to indulge in monetary devaluation, a system that had disrupted the country during the 20th century. In 2000, the nation had abolished the system by adopting dollar as its currency, but now the President Rafael Correa has found the electronic currency as a way to get back into conjuring money to fund political agenda.
