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 had a very strong session yesterday on the back of news that Bitcoin Start-up BitPay had announced a partnership with payments company PayPal to integrate their services.
BTC/USD continues to remain in a strong downtrend post breaking the psychological support zone at $400. The digital currency was unable to sustain at higher levels and closed near the lows of the day in yesterday’s trading session.
BTC/USD, which has been in a very narrow trading range over the last many days, has given a breakdown from the all-important support zone at $423 and has broken below the key psychological support zone at $400.
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Whilst BTC/USD continues to trade in a narrow range, Bitcoin exchange start-up CoinJar announced that it would be trying to bridge the gap between the digital currency and the traditional methods of making payments by introducing smart cards which would allow users to make the payment in Australian dollars backed by the digital currency.
There has been speculation rising in the financial space that if Scotland does vote for its independence from the United Kingdom it might adopt for Bitcoin as its official currency.
The digital currency, which was one of the most favoured asset classes at the end of last year has encountered a lot of headwinds on the back of bankruptcy filings by exchanges like Mt. Gox and the shift of focus towards equities which have gained by more than 25 percent YTD.
Get the bitcoin forecast for September 15, 2014 here.
BTC/USD opened at $477.87 and continued to gain till $492 before settling down to trade at $477.87. Get the full forecast for BTC/USD for September 11, 2014 here.
BTC/USD is trading in a narrow range with positive bias after opening at $476.58 it went down all the way till $459.84 before rebounding to currently trade at $476.58 .
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BTC/USD opened higher in today’s trading session before quickly posting a fall to $462.69 after Bulls had something to cheer on the increase of volumes in yesterday’s trading session.
BTC/USD continues to trade down and in a narrow range. It is currently trading in a very narrow range of $466 to $483 with immediate support pegged at $463.77 and resistance at $500 levels which is also psychological level which traders would be watching.
Get the bitcoin forecast for September 4, 2014 here.
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Get the bitcoin forecast for September 2, 2014 here.
Get the bitcoin forecast for September 1, 2014 here.