"Let's Keep it Simple Stupid!" This is what I tell my trading students and this simple statement will help you be successful trading long term. Let's take BTC/USD - movement has been incredibly volatile but we are now seeing a shift in that volatility in the past few months and will continue to see more steady patterns emerge. As more and more people and institutions look to cryptocurrency as not just an alternative to the existing financial structure but as a way to improve or replace it, we will start to see a stabilization in the price. As Bitcoin is the front runner right now and is scheduled for a split in the amount able to be produced on July 19th, 2016 we can be relatively sure that the value will increase. It's "simple" supply and demand. The supply will be reducing and the demand has been and will continue to increase. So Bitcoin's longterm play looks very promising.
Now if you're the type that wants to play the market and make some money with these daily fluctuations here are some simple levels to look at to help you make a better more informed decision. Barring any crazy offside news we see that there is a good level of support between $415-$407 USD. That's a good safe buy zone. If the price breaks that level we don't see much support again until around $334-$308. That being said being long in BTC is not a bad thing.
We also see resistance at the $455-$464 level which if your long would be a good area to take out some profit.
Until the split we will see much of the same with it ranging within these levels. After the split I only see the price going up my friends so stay smart and trade safe. Good luck!
Kevin Hobbs
Director of Operations
The Vanbex Group.
Now if you're the type that wants to play the market and make some money with these daily fluctuations here are some simple levels to look at to help you make a better more informed decision. Barring any crazy offside news we see that there is a good level of support between $415-$407 USD. That's a good safe buy zone. If the price breaks that level we don't see much support again until around $334-$308. That being said being long in BTC is not a bad thing.
We also see resistance at the $455-$464 level which if your long would be a good area to take out some profit.
Until the split we will see much of the same with it ranging within these levels. After the split I only see the price going up my friends so stay smart and trade safe. Good luck!
Kevin Hobbs
Director of Operations
The Vanbex Group.