Free Bitcoin Trading Alert originally sent to subscribers on January 21, 2014, 10:33 AM.
If you don't have time: Our bet is still on Bitcoin moving higher.
The University of Cumbria (UK) will become the first public tertiary education institution to accept tuition in bitcoins, the BBC reported today. Two courses on complementary currencies will be launched this summer and an option to pay in bitcoins will be available.
Professor Jem Bendell, from the university’s Institute for Leadership and Sustainability, said:
We believe in learning by doing, and so to help inform our courses on complementary currencies, we are trialling the acceptance of them.
Some support Bitcoin due to its speed and cost, others due the new era of financial freedom it could enable.
Some are concerned about it and how it will affect economies and society, while others think that what comes next will be even more important.
We think it is essential to become better informed and analyse it from many different perspectives.
We’re big fans of learning by doing, so we’re curious how this will work out. The University of Cumbria’s move follows a similar announcement of the University of Nicosia in Cyprus, a private institution, in November 2013.
Now, let’s get back to Bitcoin itself.
Yesterday, Bitcoin edged 0.1% up on Mt. Gox. 10,274.06 bitcoins were traded and this was the heaviest volume since Jan. 11. But in spite of the surge in volume, the move itself didn’t have significant power.
Today, the volume has been shaping up lower than yesterday (this alert is being put together just before 8:00 a.m. EST). 3,803.65 bitcoins have been traded so far and Bitcoin has moved 0.5% up. The trading range has been even narrower than yesterday.
Over the last two days (yesterday and today), Bitcoin has hardly budged and right now we’re seeing a drop in volume. Does this make us bearish in any way? Not necessarily. There was no jump in either direction yesterday and the volume has been low today but, since there has been no surge recently, this doesn’t have to mean that the momentum has waned.
Also, even yesterday’s relatively high volume was rather tiny when compared with levels previously seen in November, December or January. The market very much seems to be on standby and since Jan. 8 has been trading in a straight line around $950.
That’s exactly what we’ve seen recently – Bitcoin is more or less in the middle of the trading range between our suggested stop-loss level ($800, dashed red line) and the $1,000-1,100 zone (solid green line).
Of course, there’s no telling with certainty where the next move will take us. If Bitcoins plunges below $800, we will have a bearish environment. Conversely, a move above $1,000 could make the situation rosier for bulls.
Our bet is on the next move being up. The current period of stillness seems to be a perhaps needed breather in a very volatile market and the short-term trend seems to remain up.
Summing up, we haven’t seen any significant moves either up or down and the outlook remains unchanged from yesterday, i.e. bullish.
Trading position (short-term): long, stop-loss at $800. We’re waiting for volatility to pick up. Any strong moves could change the situation here.
Regards,
Mike McAra
Bitcoin Trading Strategist
Bitcoin Trading Alerts
