By: Stephanie Brown
Although Japan is to a big player in the Bitcoin marketplace, being the first country to open its doors to Bitcoin entrepreneurs, the Japanese government is starting to be cautious and wanting to learn more about the crypto-currency, thanks to Mt. Gox filing for bankruptcy.
Mineyuki Fukuda, the Government’s chosen Bitcoin fact-finder has spent the last year travelling all over the world to learn about the digital currency. In a recent interview, Mr. Fukuda, said that his extensive travels provided him insight into the growing digital currency world. He believes that Bitcoin can one day become the currency of choice for the masses.
Mr. Fukuda in his currently is working very closely with Japanese entrepreneurs to help develop a robust business environment which attracts companies from around the world to set up Bitcoin businesses in Japan.
In a recent interview, U.S. congressman Steve Stockman said that he believes that it’s too early to regulate the Bitcoin industry. He believes that it is currently in its nascent stages and should receive support from regulators instead of being put under intense scrutiny. He believes that like every industry, a few bad apples will always be present, but that shouldn’t result in the whole industry being placed under a microscope and not allowed to reach its full potential.
Technical Analysis
BTCUSD has been moving up on the 15-min chart. However, there has been significant volatility and fluctuation. One good thing is that it is trading above the middle Bollinger band of $374. The BTC/USD has encountered resistance at $380, $385 on the higher side and support at $372, $366 on the lower end.
Actionable Insight
Buy the BTC/USD above $378 for target of $382, $386 with a stop-loss of $375.8
