Bitcoin Floundering as Romania Enters - 10 December 2014

Stephanie Brown

By: Stephanie Brown

Netopia mobilPay, one of the biggest payment processors in Romania is trying to integrate Bitcoin as a form of payment for all of its merchants. It issued a statement that it will allow more than six thousand merchants registered on their network to process payments through the crypto-currency without charging any developmental costs.

In order to make the integration seamless, the company has teamed up with Romanian Bitcoin exchange, BTCXchange and Dutch-Romanian Company, Coinzone.com. The founder of Netopia mobilPay believes that the future for Bitcoin looks incredibly bright and the company will take all necessary steps possible to ensure that it is easily adoptable by the masses. Additionally, the company would try its utmost to create a Bitcoin ecosystem, which will make transactions using Blockchain hassle free for end users.

In other news, it was reported that SecondMarket, an exchange in New York was able to purchase all of the Bitcoins that were auctioned by the US Marshal Service recently. It bought 48 thousand out of the 50 thousand Bitcoins. Volumes however, in the Bitcoin market have come to a stand-still, which analysts find troubling.

Technical Analysis

The BTC/USD seems to be moving in one direction and that is down. In early trade it opened at $363.69, but failed to sustain itself and plummeted all the way until $349.11 before recovering mildly to settle at $351.40. The BTC/USD has strong support at $345, $330 on the downside, while resistance remains at $358, $366 on the upside.

Actionable Insight:

Sell the BTC/USD below $349 for target of $345, $340 with a stop-loss of $351.

BTCUSD 121014

Stephanie Brown
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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