Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Bitcoin Down But Blockstream May Help - 20 November 2014

By Stephanie Brown
Since graduating from Erasmus University Rotterdam, Stephanie has become a prominent authority in binary options trading, providing first hand market insights and actionable analysis, whilst developing highly profitable customized trading strategies for YesOption clients.

By: Stephanie Brown

A group of billionaires have recently taken an active interest in developing the Bitcoin marketplace and Bitcoin technology. They already invested close to $21 million in the blockchain technology called Blockstream. These billionaires previously worked closely with companies such as LinkedIn, Sun Microsystems and Yahoo.

Blockchain is trying to create a platform that could be used to develop applications, which could go beyond the crypto-currency. This group firmly believes that Bitcoin does provide users with transparency and reduces transaction costs by cutting out middlemen like registrars and trustees.

Additionally, there is a widespread belief that blockchain is “extremely difficult to corrupt”, which therefore makes it an efficient platform on which anything of value can be transacted. According to many, interest in the Bitcoin industry is widespread and is seeing more users from different locations taking active interest in learning more about the crypto-currency.

Contrary to popular belief, Bitcoin users are not trying to diverge from the traditional banking systems and adopt a new way of doing transactions. Many industry insiders believe that Bitcoin users will still continue using traditional currencies like the USD, Yuan or the Euro.

Furthermore, they additionally believe that banks will ultimately play a huge role in making Bitcoin a far-reaching product as traditional banks certainly outstrip the nascent Bitcoin industry. Many believe that the Bitcoin’s future and the banking industry are inter-twined as both would enable each other to grow and prosper. Banks, by adopting the digital currency would have a new product platform to offer and Bitcoin can use the banks’ global reach.

Technical Analysis

Bitcoin is continuing its downwards trend and is trading in a very narrow range between $315.60 and $416.92 and it is on the edge of 20-Day EMA of $377.50. Going forward, it will be interesting to see if it finds support at lower levels as buyers continue to stay away from the crypto-currency as of now.

Actionable Insight:

Sell Bitcoin below $374 for target of $366, $358 with a stop-loss of $378

BTCUSD 112014

Stephanie Brown
About Stephanie Brown
Since graduating from Erasmus University Rotterdam, Stephanie has become a prominent authority in binary options trading, providing first hand market insights and actionable analysis, whilst developing highly profitable customized trading strategies for YesOption clients.
 

Most Visited Forex Broker Reviews