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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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.
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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.
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.
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.
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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.
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Sign up to get the latest market updates and free signals directly to your inbox.BTC/USD has formed a lower-top lower-bottom structure with no signs of a trend reversal as of yet. The momentum has clearly weakened and the price is expected to continue to drift lower.
The price of Bitcoin after closing below the support level of 638 has been unable to make any major upmove. Get the forecast for July 7, 2014 here.
Get the trading week started with this Bitcoin/USD technical forecast for July 6, 2014 here.