Bitcoin Dives to New Lows - 18 December 2014

18 December 2014 10:48:08 AM

By: Stephanie Brown

A Bitcoin exchange in the Philippines, Coins.ph has just added an instant remittance service to its list of its options, allowing users to withdraw, remit and send money directly from a bank’s ATM using this service. This should be tremendously beneficial for users in emerging market countries who may not have access to banking services. Coins.ph firmly believes that the service is the first of its kind in the emerging markets and will cut transaction and remittance costs by half. The company additionally added that it is working to increase its ATM network.

However, Romania’s only Bitcoin exchange, BTCXchange’s future appears to be rather bleak, as it was reported the company issued a statement encouraging all users to withdraw funds from the platform by as early as December 19th. It is widely believed that it asked its clientele to withdraw funds both in Bitcoins and U.S. dollars, citing certain security issues that the exchange seems to be facing at the current moment.

Technical Analysis

The BTC/USD is still continuing its downward trend with it currently creating lower-highs and higher-lows. It has fallen all the way from $366 to $312, with no sign of respite or pull back on the upside. Many analysts are becoming increasingly skeptical with regard to its moment on the upside. In the short-term the BTC/USD has broken through all critical levels and will likely remain on the sell side for quite a while.

Actionable Insight

Sell the BTC/USD below $308 for target of $304, $300 with a stop-loss of $311.

BTCUSD 121814

Since graduating from Erasmus University Rotterdam, Stephanie has become a prominent authority in binary options trading, providing first hand market insights and actionable analysis, whilst developing highly profitable customized trading strategies for YesOption clients.

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