By: YesOption
Gems, an Israeli messaging app announced recently that it will be accepting Bitcoins as a form of payment. They released a statement that are trying to bring Bitcoin to the masses as they believe that Bitcoins have a bright future ahead.
Gems added that it will soon provide Bitcoin wallets to all of their users, which would enable them to transfer funds. This development clearly indicates a shift in the social media industry towards incorporating Bitcoins into their nomenclature, which is a tremendously positive development according to industry experts.
The BTC/USD experienced a jump during last night’s session, which allowed it to climb above its resistance zone of $345. The crypto-currency, which until very recently was caught in a strong downwards trend experienced this upsurge on the back of above average volumes.
However, it is imperative to state that the BTC/USD continues to trend below its daily moving averages. The relative strength index for the crypto-currency is giving a new buy signal, indicative of the inherent strength of its price action. The momentum indicator for the BTC/USD is additionally providing a fresh buy signal and is trending higher.
The next level of resistance for the BTC/USD comes near the $380 level, while its support continues to remain near the $321 zone. Meanwhile, during today’s morning session, the BTC/USD is witnessing some selling pressure but analysts feel that it is nothing to be concerned about.
Actionable Insight:
Long the BTC/USD at current levels for an intermediate target at $380, with a stop loss below $345
Short the BTC/USD if it moves below $321 for a short term target at $280, with a stop loss above $345
