Its been a quiet week for Bitcoin with the cryptocurrency trading within last weeks range. This week’s low was made at the half way back of last week’s range (always a level worth watching) and gains have been capped at last week’s high for now.
Some interesting things to note from this chart:
- Bitcoin found demand at the 50% retracement and previous resistance now turned support.
- Price has moved outside of the bearish channel indicating a potential change of sentiment.
- We have been making a series of higher lows and higher highs with a potential bullish sentiment channel forming.
- Bitcoin has been reacting off of levels defined by equidistant moves quite well indicating a move to 256 is well within reason.
And, what does the crowd think? Spark Profits crowd sentiment indicator is showing a bullish bias based on the opinions of our players.
Bitcoin’s liquidity increase means three times the points in SparkProfit
There has been an increase in liquidity in Bitcoin over the last year with institutional traders and Hedge Funds starting to take an interest and trade in bitcoin. This week has also seen the opening in the United States of the first regulated Bitcoin exchange – this should encourage more institutional traders into this market. Coinbase launched in the UK last week and they are anticipating participation from larger traders and Hedge Funds.
Bitcoin’s increase in liquidity has been reflected in SparkProfit and from this weekend, players can make three times the points they used to on Bitcoin games.
No Risk With SparkProfit
Remember, Bitcoin is the only market that trades right through the weekend so you can log on anytime and try and earn some points.
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.