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 hourly charts has shown some momentum on the upside. It has resistance at $595 which is downward sloping trend line.
After the volatility of last week, things settled back to much of July’s pattern, with BTC/USD on the hourly charts continued trading in a very narrow trading range as traders and investors still try to grapple with the future direction for the digital currency.
BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones.
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Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20.
Bears clearly have the upper hand in this battle and it would be safe to say that the bulls will take some time to recover. Bitcoin, which was trading at around 580-585 yesterday, has now slumped approximately 5% to 555-560 levels.
BTC/USD on the hourly charts broke below the triangle support line in a volatile trading session yesterday. BTC/USD tried breaking above the resistance zone within the triangle but found considerable amount of selling pressure at higher levels.
After breaking from the near-month long narrow trading range, BTC/USD has formed a triangle formation and is trading within a new range. Get the Bitcoin outlook for July 29, 2014 here.
Bitcoin continues to drift lower post the resignation of Barry Silbert as the CEO of SecondMarket.
Bitcoin has finally freed itself from the trading zone and touched the levels which have not been seen since the start of this month. Get the Bitcoin/USD analysis for July 25, 2014 here.
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BTC/USD continues once again to trade in a narrow range with the resistance level set at $621.17 and strong support being found at $611.
Bitcoin continues to trade in a rangebound manner with no immediate signs of a breakout as yet. It seems that the bulls and the bears are in no mood to flex their muscles to get it their way and are rather just waiting for the other party to tire out.
After consolidating in a narrow range of approximately 22 points, Bitcoin looks set to end the week on a flat note. Get the analysis for July 21, 2014 here.
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Sign up to get the latest market updates and free signals directly to your inbox.After spending a considerable amount of time consolidating near 615, Bitcoin has finally witnessed a “relief” rally on the back of rising strength. Get the full analysis for July 18, 2014 here.
The Bitcoin market desperately needs a big news or development that could trigger a breakout in the price which has been moving sideways in a narrow band of 20-25 points since 5th July 2014.