By: Ben Myers
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. This suggests that buying had emerged at lower levels and it is not all doom and gloom digital currency trading. Going forward, BTC/USD has a strong support near $455 - $463, an area from where it has bounced from multiple number of times and found strong resistance at $495 - $500 zone.
PayPal is all set to integrate Bitcoin into its payment system, revealed Braintree, which is an online and mobile payments platform acquired by PayPal a year ago. The company is believed to be joining forces with Y Combinator and Andreesen Horowitz-backed coinbase so as to embed bitcoins as one of the payment methods. Braintree's bitcoin integration will allow developers, who have its software development kit to easily add bitcoin as payment option and thus, seems like an enormous opportunity for Braintree ahead.
If developers felt that the storing, encrypting and backing up of bitcoins for users is cumbersome, then they would be relieved from today as a new startup, Gem, will take care of the process through its scalable API. Gem's co-founder and CEO, Micah Winkelspecht said that their platform provides developers to create a wallet, equipped with multisignature technology and the extra layer of security implies that it is more protected than holding physical keys.
Alongside these developments is another significant progress that India has recorded in terms of interest in bitcoin among people. Last Thursday, the HR College of Commerce and Economics in Mumbai was thronged with the presence of 250 undergraduates, some of whom even had the technical knowledge of bitcoin functioning. Seminar was conducted by Vishal Gupta of the Bitcoin Alliance of India, who was both surprised and happy with the extent of interest he received at the seminar.
Actionable Insight:
Sell BTC/USD below $455 for a target of $440, $420 with a stop loss of $463
