More investors are looking at crypto currencies as the bitcoin becomes more popular.
The virtual currency has already seen a phenomenal growth in 2013. This digital currency is done by computers which create a series of unique numbers using intricate mathematics problems. This is sold on free exchanges. It is acceptable to individuals and enterprises due to the speed and low transaction cost.
As of September 18, the bitcoin is now valued at approximately $437. Some crypto coins have lesser value. However, the interest is increasing for crypto currencies especially as prospective investments.
According to an online publication (Coin Desk) which monitors digital currencies, there will be roughly eight million trading accounts in bitcoin known as “wallets.” Right now, some 100,000 private firms accept bitcoin.
Market experts say that the digital currency has potential high returns but there are also probabilities for high instability and low prospects for being liquid.
Compared to conventional currencies, bitcoins are not printed or supported by any government. These are created by people and businesses making use of sophisticated computers. Makers of bitcoin can keep a portion as compensation for their services. The rest are sold on uncontrolled exchanges.
Movements of digital currencies are published in a financial record book for monitoring of overall monetary supply. Said ledger can be found on Internet cloud as collaborative document instead of a centrally-managed account. Bitcoin users employ this mechanism for purchases, transferring money and speculations.
Other currencies came out of bitcoin technology and put in enhancements on that platform.
USDJPY showed yesterday that its trajectory price stayed in a reasonably neutral leap attaining 108.32:108.95 while any lower expectations did not materialize. Yesterday, they predicted that today higher movement will continue finding meanwhile, support from session highs of 108.87. The buying pressure as indicated by Directional Movement pictured the remains to stay high while ADX trend continues to stay vigorous as well; however, there is no security that overbought conditions continue and it really went deeper since yesterday. RSI levels for both the hourly and the daily are important events to watch. For today, amend the targeting levels of 107.50 before resuming a wider uptrend.
The levels of RSI eased lower on the hourly chart following a consolidation just off 109 levels, despite the persisting conditions appearing on the daily charts. In the near term, lower correction still remains on the cards in the near term. Failing to break over109.45 today will again result to lowering of price drift lower with initial support from intraday that is seen at 108.66/108.35/108.02.
In the Asian front, Japan will soon release its All Industries Activity m/m, while the United States will be publishing some economic data as the CB Leading Index m/m. This will offer a big possibility that during the day, USD/JPY will be moving with low volatility. For the present, technical levels are: (1) Resistance at 3: 109.05; (2) Resistance at 2: 108.84; (3) Resistance at 1: 108.63; (4) Support at 1: 108.36; (5) Support at 2: 108.15; (6) Support. 3: 107.94; and (7) Disclaimer at Trading Forex or foreign exchange carrying a margin high level of risk that may not be apt for all investors. Working against you or for you is a leverage having high degree.
If you have plans investing in any foreign exchange, be sure to consider the following: objectives of the investment; degree of experience; and level of your risk appetite. There is even a possibility that you will lose some or even all of your initial investment; therefore, never invest any money that you cannot afford to lose. Remember that there are many risks related with foreign exchange trading. It is better to seek the counsel from a certified financial advisor if you have any uncertainty.
You can get a view on what the market is up to. Note the update of each pair of currency has its own story and how each support of each other versus the green buck.
EUR/USD: It is getting closer to 1.30 and starts climbing to the highest level since the big measures of Draghi. With a clear resistance at about 1.30, it is followed by 1.3050 while support is at 1.2960 is followed by 1.2920.
GBP/USD: The pair reached 1.63 but it reverted back to 1.6285. The growing notion of a No vote in Scotland is helpful to the pound. Just be sure to follow the timetable for the big day of the referendum.
USD/JPY: Green bucks and yen are losing 107; however, the move is more limited here. This seems to be a risk now that both “safe haven” currencies are together.
AUD/USD: The pair has already gone below 0.90 two times following the Chinese news later jumped to 0.91 and is now the level is a bit below.
NZD/USD: This pair stays above 0.82 as the OK milk auction has been supporting the duo.
USD/CAD: Sorry that the pair fell under 1.10, making ii a full round trip. Canada’s strengthening manufacturing sales gave the initial boost to the loonie.
The next schedule of Fed meeting looks bleak for the green buck.