The Bitcoin prices have taken a turn for the best as recent price movements hints at a small price recovery and in the longer term a trend reversal may also be anticipated.
This has come as many new news break out empowering the market as in Canada Spendbit announced how all VISA cards would be able to use Bitcoin. Allowing all users of the VISA service to also have a Bitcoin address. This will also allow the address to be directly attached to the VISA account which will also allow the user to send Bitcoin directly to another VISA card. This new service aims to expand the public’s knowledge of the cryptocoin and also hopes to introduce traders and civilians to the benefits of using crypto.
You can send Bitcoin to:
We’ll accept your Bitcoin, sell it instantly, and automatically credit the Visa.
The current Bitcoin price has been calm and controlled to say the least. With the prices only swaying a max of $5-6 up or down it seem as if only margin traders are able to make a killing whilst many long term bagholders are left with cold feet. However with indicators hinting at a price rise we can be sure that the prices will be worth the weight. With resistance at highs on the lower end of the scale it can safely be assumed that $220 will be a safe position for at least a weeks time. With buyers already opening up their orders waiting for cheap coins to roll in the resistance around this area is particularly big depending on the exchange.
Volume is also one other factor worth considering as the current volume may not allow for much of a increase as it in turn limits the market cap. With no headroom for growth Bitcoin may be restricted but
Speculation
Well the Bitcoin price seems to have solidified its position at the $230 mark and with Buy orders currently outweighing Sell orders it seems as if the demand for Bitcoin is heading the right way. With both demand and market prices are heading the right way boosting Bitcoin into further prosperity. Lastweeks price drab may be yesterdays news with prices anticipated to recover 10-12% of their value pushing the Bitcoin prices along to another stronghold of $250. However with margins still open for exploitation many have placed shorts on the Bitcoin price hoping to profit of the volatility of the Bitcoin price. With margin trading having proven itself to be a destructive force damaging the markets leaving in a almost irreparable state. However with news leaking and prices blossoming together we can bring Bitcoin back to the height of prosperity where it once was.
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