All quiet on the trading front. The price range was $222 to $227 on a light volume day. The market is in another holding pattern awaiting a sudden move higher or lower. $230 looks to be a formidable level to punch through. Expect the market to drift lower and retest $218.
Accumulate short positions in XBUK15 in the high $220s looking with a downside target price of $218.
In the News
The Bankster War on Cash; JPMorganChase Begins to Prohibit the Storage of Cash in Its Safety Deposit Boxes (EPJ)
Tsipras to Seize Public-Sector Funds to Keep Greece Afloat (Bloomberg)
US Police Officer Charged with Receiving Stolen Bitcoin Miners (CoinDesk)
Bitcoin made another push over $300 early morning China time. The price subsequently fell back to $290, and is now gathering strength to punch through $300 again. The sentiment has turned quite bullish after the announcement that derivatives goddess Blythe Masters has joined a Bitcoin startup.
Continue to increase your portfolio’s long position below $300. Look for a gap upwards during the early morning hours China time. Consider taking profit at $315. Use XBUH15.
In the News
Ex-JP Morgan head of Commodities Blythe Masters joins Bitcoin startup (Business Insider)
itBit revealed as one of the US Marshals Bitcoin auction winners (CoinDesk)
Chinese traders are still in holiday mode. The price stayed in a tight range of $235-$240. Volumes have yet to pick up.
Until trading volumes increase, buy dips and sell spikes in the $230-$240 range. Use XBU24H (daily inverse futures contract) to trade short term price movements.
In the News:
NIRP: JP Morgan beings charging on some deposits (MarketWatch)
Boston Federal Reserve bullish on Bitcoin technology (CoinDesk)