



The Bitcoin market has shifted from a entirely speculative to a stable market, with charts exhibiting similar action to those in the forex markets, says Joshua Mahony of IG, as he brings forward the world of cryptocurrency trading for the Tip Tv audience.

The Big shift in Bitcoin trading

Mahony starts by how the high volatility and speculative mentality seen in Bitcoin in the past is seeing a big shift. The market is seen developing now. The technical charts are showing a more stable nature of the currency, more mature than before and even to the standards of the EUR/USD pair.

Lack of fundamentals positive for BTC

Bitcoin is seen as the currency of choice for technical traders as the market is free from any fundamental speculation and risk. There is no central bank rhetoric which can affect the cryptocurrency. BTC is more of a supply and demand game, adds Nick Batsford, CEO at Tip Tv.

BTC: A hedge against instability in Forex market

Mahony explains that the Greece crisis and Gold fall has pushed more players in the Bitcoin market. The BTC space is now looking more appealing as a medium to hedge against any instability in the forex markets.

China and the Bitcoin correlation

The Chinese remain active Bitcoin investors, with 80% of BTC purchases seen in Yuan, according to Mahony. He further explains how Bitcoin prices and the Chinese market sees an inverse correlation.

Technical charts look bullish for Bitcoin

Mahony looks at the technical charts of Bitcoin prices, transaction volume etc., noting that the cryptocurrency sees a potential bullish formation, with the price action suggesting that BTC has completed the saucer formation and an upside might be seen ahead. He further suggest Bitcoin remains a good buy at current levels.

Mahony comments that more and more investors adopting Bitcoin will see a huge reduction in the transaction costs over the long-term.