By: Stephanie Brown
Industry experts believe that in order for Bitcoin to be become more accessible to the masses, it is imperative for tech entrepreneurs who are setting up Bitcoin-related companies or apps to understand the pros and cons of traditional currency. For all the technology that goes in towards mining a Bitcoin, the end user only wants to know how the digital currency will be of greater use than traditional.
According to FirstMark Capital Managing Director Lawrence Lenihan, the biggest factor for tech entrepreneurs working closely with the Bitcoin industry is there failure to understand the traditional financial system. He firmly believes that this lack of knowledge has severely impacted entrepreneurs’ ability to capitalize on the numerous opportunities available in the Bitcoin environment.
He strongly believes that if companies are to make the public aware of the various advantages that the digital currency has to offer, it is important to convey to them as to how Bitcoin will eliminate all transaction costs and how even businesses could bring down their costs by eliminating intermediaries like credit card processing companies. Lenihan, is an eternal bull and therefore believes that Bitcoin has a great future ahead.
Technical Analysis
The BTC/USD has started to break-down on hourly charts and is clearly showing its glaring weaknesses. It is currently trading below its 20-Hourly EMA of $376.01, with its momentum indicators like the Stoch RSI signaling a breakdown. The BTC/USD has support at $366, $358, whereas resistance stands at $378, $384.
Actionable Insight
Sell the BTC/USD below $368 for target of $363, $358 with a $371 stop-loss.
