Bitcoin Busts A Move

Bitcoin is making new highs for the week and is coming up against a potential sticky zone the bulls will need to clear.

Whats Going On With Bitcoin This Week?

There are a number of things which may be generating some positive waves for Bitcoin:

  • Sweden’s Nasdaq exchange has approved a bitcoin-based exchange traded note.
  • The worlds first formal Bitcoin exchange is likely to open in New York with news that New York State’s Department of Financial Services are going to publish a regulatory framework which will allow those who have applied to be a Bitcoin exchange to launch as a bank.
  • Coinbase has launched its services in the UK this week. Coinbase will allow speculators trade bitcoin against Sterling. Coinbase are anticipating participation from hedge funds and institutional players over time.
  • The Squid (Goldman Sachs) have invested $50 million into a Bitcoin start up which will use Bitcoin technology to improve consumer payments.

Things Could Get Interesting..

Could we be seeing the start of a bullish move here?

Its looking a bit sticky for Bitcoin at around $237. If the bulls can clear this level, its blue skies until about $257 where we have an equidistant swing into some previous supply.

Blue skies for the bulls if the clear resistance

Blue skies for the bulls if they clear resistance

No Risk With SparkProfit

Which ever way you think Bitcoin is going to go, you can play Bitcoin risk free with SparkProfit.

Please note our disclaimer on all of this.

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