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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The USMS auction brought great news for Bitcoin traders and investors, who for a long time, have been waiting for a good breakout. After spending a considerable period near 600-610 levels, the price finally broke free and shot up nearly 7% to 640 levels owing to a successful auction in which 45 registered bidders participated.
After a short-lived rally, Bitcoin has again slipped into consolidation mode. BTC/USD, which managed to break out from its lower-top lower-bottom price structure owing to the auction held by the US Marshals Service on the 27th June has once again formed a narrow range near 600.
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Bitcoin is currently trading near its previous support level of 580 which is just at around 2-3% below the resistance level of 595. Get the analysis for June 27, 2014 here.
Get the full Bitcoin/USD analysis for June 23, 2014 here.
Get the forecast for Bitcoin for the week of June 22, 2014 here.
Get the latest on Bitcoins with this forecast for June 19, 2014 here.
Get the analysis for bitcoin- BTC/USD for June 18, 2014 here.
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Check out the daily forecast for the BTC/USD pair here.
I recommended holding for unleveraged, the market touched 101 before bouncing back quite quickly in one of the strongest recent trends.
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).
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Sign up to get the latest market updates and free signals directly to your inbox.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.
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.