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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For those with unleveraged positions I advised staying long nothing was likely to happen until a channel reformed before a trend appeared (which is now formed at the time of writing).
My trade alert for long trade if a breakthrough occurred if the cross breached the 100 mark was confirmed generating the largest trend in the last few weeks.
For the last week the trading has been between the 75 floor and the 100 ceiling which remained untested until now.
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If you followed the previous forecasts you shorted the 96-97 range and exited in the 93-94. I flagged this the 94-96 range between to be avoid until a clear break through develops above or below.
I suggested holding out until a breakthrough or reversal at top or bottom of this range with expectation the action would be more likely the top.
Advice remains the same for today short on a downward momentum change near the top of this range, go long for an upward momentum change near the bottom.
If you had traded the Bitcoin forecast as I suggested when momentum kicked in and closed on a reversal of momentum you would have had a 50% return over in just over a week (~2500% annualised).
Is now a good time to start trading Bitcoins? See what our expert has to say about it here.