Over recent months, there has been an uproar concerning the National Security Agency snooping into social media records of users from world over. This led to the development of many platforms which are claiming to be encrypted. One such platform is Tox, which is used for instant messaging. Tox recently announced its messaging platform enables micro-payments using Bitcoins, which is undoubtedly a positive development for the industry.
Developers at Tox believe Bitcoin is the most distributed and most used online currency. It additionally believes that the crypto-currency is now being adopted by more users around the globe and by enabling micro-payments using Bitcoin, the company should be able to attract a higher amount of users.
In other developments, Bitcoin is being widely used to crowdfund independent scientists to find a cure for Ebola. Media reports state that independent doctors and researchers are unable to work on finding cures because they lack resources and dominance in the market place compared to large pharmaceutical giants. Bitcoin can certainly enable users from around the globe to back projects to find an economically viable alternative, which in the long run should be incredibly beneficial in treating patients especially in economically backward regions of the world which pharmaceutical companies may not cater to.
Technical Analysis:
A look at the daily chart suggests that the only direction in which Bitcoin is going is down. The crypto-currency is unable to move up and every rally is being sold into by bears. Bulls have lost total control and now require one or two stellar rallying trading sessions in order to take charge of the crypto-currency. Bitcoin currently has strong support near $315 whereas on the upside it is imperative that it closes above $365, $375 in order to have any chance at a rally.
Actionable Insight:
Sell the BTC/USD for target of $340, $325 with stop-loss of $360.
