Crypto Trader Daily – 31 March 2015

Price Action

The biggest news today was the revelation of how crocked US government officials were stealing from and intimidating Bitcoiners and exchanges. This didn’t have any effect on the price. It was a quiet trading day until China late afternoon when the price attempted a push towards $240. It was a weak attempt, and now the price is hovering around $245.

 

Trade Idea

The downtrend does not appear to be over. Short XBUJ15 above $245 with a $235 target price over the next few trading days.

 

In the News

Undercover agents working on Silk Road case charged with theft and money laundering (NYT)

Dept of Homeland Security orders Reddit to reveal users linked to ‘Evolution’ scam (CoinTelegraph)

Australian Treasury: Bitcoin a threat to tax collection (CoinDesk)

Crypto Trader Daily – 21 March 2015

Price Action

Another quiet range bound day of trading. Bitcoin fluctuated between $255 and $265. The market experienced a jolt of activity when BTC-e temporarily halted withdrawals in an attempt to thwart the laundering of suspected stolen Bitcoin from Evolution.

 

Trade Idea

Use XBU24H trade in the $255-$265 range during low volume periods.

 

In the News

BTC-e temporarily halts withdrawals (Reddit)

Crypto Trader Daily – 18 March 2015

Price Action

Volatility reared it’s head and Bitcoin tumbled to a low of $269 on Bitfinex. $300 seems but a distant memory. The BIT euphoria has faded, and additional fuel is needed to restart the rally. $270-$280 range bound trading looks likely.

 

Trade Idea

Use XBU24H to play the daily range. Expect $270 and $280 to be formidable resistance levels for the next few trading days.

 

In the News

Evolution shuts it’s doors taking thousands of Bitcoin from users (Qntra)

George Osborne to unveil Bitcoin regulations in next budget (IB Times)

Coinapult’s hot wallet hacked (Twitter)