Bitcoin Forecast

Many regulators over the past few months have come out in full support of Bitcoin. Get the analysis for November 6, 2014 here.

In the latest move to bring Bitcoin to the masses, Bitpay launched a new sale app called Bitcoin Checkout for in-store payments.

News emerged over the weekend that Bitcoin exchanges would now allow trading in other currencies, which would help in provide it with higher liquidity and more credibility, while providing entry for a new slew of traders.

Bitcoin experienced a very positive development as the state of NY ruled that developers working on software for the crypto-currency would not require a license going forward.

BTC/USD had a very flat session yesterday after witnessing further selling pressure in early trading. Many traders and followers of Bitcoin are of the view that post the massive volatility seen in the last couple of days, weak hands from the market may well have been forced to exit and only strong hands are now in the market.

BTC/USD on the daily charts recovered from lower levels in yesterday’s trading session and continues to exhibit buying momentum in the Asian morning session.

BTC/USD continued its downward spiral and is currently seen taking support near the $300 level. The selling pressure on the digital currency pair has pushed it below the important support zone at $340 on the back of strong volumes, which is a bearish indicator.

After witnessing some semblance of a pullback in Tuesdays’ session, BTC/USD gave up most of its gains yesterday on the back of relentless selling and traders taking profits.

BTC/USD showed some strength in yesterday’s trading session bouncing back from the lows. The digital currency was unable to sustain at higher levels, which is a cause of concern.

BTC/USD continued to remain in a strong downtrend in yesterday’s trading session. The digital currency post breaking below the all-important support zone at $380 has been unable to climb above the mentioned level.

BTC/USD on the daily charts has been unable to build on its gains that it had seen a couple of days ago. It has re-entered into a downtrend and currently trades in a broad trading range with resistance on the upside at $459 and support at lower levels at $369.

BTC/USD had a very strong session yesterday on the back of news that Bitcoin Start-up BitPay had announced a partnership with payments company PayPal to integrate their services.

BTC/USD continues to remain in a strong downtrend post breaking the psychological support zone at $400. The digital currency was unable to sustain at higher levels and closed near the lows of the day in yesterday’s trading session.

BTC/USD, which has been in a very narrow trading range over the last many days, has given a breakdown from the all-important support zone at $423 and has broken below the key psychological support zone at $400.

Whilst BTC/USD continues to trade in a narrow range, Bitcoin exchange start-up CoinJar announced that it would be trying to bridge the gap between the digital currency and the traditional methods of making payments by introducing smart cards which would allow users to make the payment in Australian dollars backed by the digital currency.