The value of the Bitcoin (Symbol: XBT or BTC) fluctuates constantly and Bitcoin technical analysis is required in order to know when to buy and sell this currency. Several online currency exchanges are available where one can exchange dollars and other currencies for Bitcoins. .
The traders at DailyForex monitor the Bitcoin markets on an ongoing basis and provide you with Bitcoin forecasts (Mostly XBT/USD) that show you how to profit from this unique currency. Watch the gyrations of the Bitcoin based on Bitcoin technical analysis, global availability and government regulation in the Bitcoin market analysis below.
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BTC/USD on the daily charts has been in a very strong downtrend right from the time it has broken below the important support level at $556.
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In the last 24 hours, Bitcoin prices has hit new volatility levels unseen for a while, recording a drop of more than 3% to test levels as low as $570, before recouping marginally.
BTC/USD on the daily charts broke below the lower end of the triangle formation which is seen as a bearish sign on the back of good volumes. Post the breakdown we see the next level of support for the digital currency at around $543.