BTC-USD 60-Minute Chart

continues trade in a narrow range, 20-25 points, and while this may be upsetting for some, this price action is surely beneficial for the range traders who have been buying and selling near the support and resistance levels respectively. Considering the fact that there are no triggers in the near-term, an immediate breakout on either side can be ruled out and only range trading with better P/L ratio is advised. Each Bitcoin currently stands at $621.19.



As can be seen from the hourly chart, the pair is currently consolidating close to the support S1 and provides a great opportunity to go bullish in this counter. Long positions may be considered around 618-619 for a target of 630 by placing a stop-loss just below S1. The downward momentum is weakening, therefore building short positions at the current level is not advised. Short-term traders must stay updated with the latest news and developments concerning Bitcoin as the cryptocurrency is highly news-driven and any announcement may act as a trigger for the pending breakout.



In a move aimed at expanding the company’s ability to handle more customers in a better way, Bitcoin Shop has announced an investment of $150,000 in Expresscoin, which is a cryptocurrency buying service dealing in Bitcoin, Litecoin, Dogecoin and Blackcoin. Putting his weight behind the digital currencies, LinkedIn co-founder and Greylocks Partners' Reid Hoffman has suggested that he is increasingly focused on Bitcoin and that investors may look at it from a 5-year horizon.



There is no doubt that in the past six to twelve months Bitcoin has piqued the interest of some very big brands such as Apple (NASDAQ: ), eBay (NASDAQ: ), DISH Network (NASDAQ: ) and with nations softening their stance on the use of digital currencies. To that end, it only seems fitting that we not let unwarranted fears cloud our judgment and instead start believing in the crypto-revolution.