BTC/USD opened at $477.87 and continued to gain until $492 before settling down to trade at $477.87. The currency pair has bottomed out near $455 and is making an effort to move up in the short term, Some good news for the bull is that the volume is increasing day by day and the momentum indicator Stoch RSI has also given a buy signal.
The unveiling of ApplePay by Apple has once again brought the bitcoin in a row of arguments as to whether the new pay mechanism will put an end to the virtual currency. Many believe that contrary to popular belief, rather than being a threat to bitcoin, ApplePay could be an opportunity which could take the virtual currency to a new level. Firstly, Apple’s ecosystem is closed. Secondly, it is expensive. Those two factors present a valuable opportunity to virtual currencies because they are open and virtually free. For the most part, Apple has had a track record of influencing consumer behavior therefore, Apple Pay could potentially create a habituated use of this payment form while reducing the use of traditional payment methods. Once this behavior sets in, there would be no turning back and people will want to use the more convenient ApplePay method, which is exactly what digital currencies could emulate.
While the bitcoin community is paying attention to new ApplePay developments, Coinbase is engaged in its own work of extending the reach of the digital currency to other regions. Coinbase is planning to roll out its services to nearly 13 countries in Europe, which includes: France, Netherlands and Italy. It will let users buy and sell bitcoins in exchange for euros. Bitcoin will only reach mainstream if it gets into the hands of more people, which is exactly what Coinbase plans to do.
Actionable Insight:
Buy BTC/USD above $483 for target of $490, $498 with stoploss of $477
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