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BITCOIN WITH BINARIES TODAY

AUD/NZD 1.04022 22:00 08.12
NZD/USD 0.71742 22:00 08.12
EUR/AUD 1.42191 22:00 08.12
CAD/JPY 86.453 22:00 08.12
NZD/JPY 81.794 22:00 08.12
AUD/USD 0.74632 22:00 08.12
AUD/JPY 85.108 22:00 08.12
GBP/JPY 142.981 22:00 08.12
EUR/JPY 120.983 22:00 08.12
USD/JPY 114.031 22:00 08.12
EUR/USD 1.06086 22:00 08.12
NZD/JPY 81.771 21:30 08.12
AUD/USD 0.74627 21:30 08.12
AUD/JPY 85.084 21:30 08.12
EUR/JPY 121.015 21:30 08.12
EUR/USD 1.06141 21:30 08.12
USD/JPY 114.011 21:30 08.12
WELLS FARGO 57.285 21:00 08.12
USD/CHF 1.01627 21:00 08.12
TOYOTA (US) 122.740 21:00 08.12
SONY 29.155 21:00 08.12
SILVER 17.011 21:00 08.12
GOLD 1170.838 21:00 08.12
COLGATE-PALMOLIVE 65.695 21:00 08.12
FIAT CHRYSLER 8.46 21:00 08.12
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By: Adam Stone
March 24th 2014 7:00am GMT, London UK
 
Bitcoin too is back in the news. The virtual currency has been embattled of late after the collapse of Tokyo based Mt. Gox. The bankruptcy, due to an alleged loss of bitcoins valued at approximately $750 sent the the value of bitcoin reeling. The price of bitcoin which topped out at above $1000 per bitcoin just before the news from a few months ago is now trading near $550, less than half the value from its previous high. The volatility is actually one of the paramount factors pushing traders, professional and novices alike into the fray.

But the seeming instability and insecurity highlighted by the demise of Mt.Gox doesn’t mark the end of virtual currencies. Mt.Gox, which started as an online trading forum for the nerd card game Magic: The Gathering, was a top player in the Wild West phase of Bitcoin. The price of bitcoin, mentioned above as hovering near or around 550 at the moment, has been dropping all day from a high near 568 to 550 and now near 555. The price action spells trouble for those long on the asset. The fact that bitcoin can be traded with binary options isn’t news. But with the ability to trade them for end of month options, longer term strategies can be employed and set forth on the trading screen. Looking at the charts, the down trend is clear and thus causes us to look for a break of 549 in the coming hours to take a down option for end of month trades.

Sure, the proximity is possibly going to cause many traders to miss out, but give then strength and momentum of the current trend, it’s clear that there will be ample opportunities in the coming new trading week to get in on the action.

In other news, despite a drop in US asset prices on Friday, Asia started the week with an objective of recouping losses and reclaiming stability. This was evident with strong results in the NIKKEI, Hang Seng, and SSE indices which all headed higher earlier this morning. Looking at the day head, binary options traders will likely try to refocus energies back on the forex pairs out there as index trading seems to be too volatile in spirit to really latch on to any significant trends.

For now, 1.3758 is a strong support level for the EUR/USD and binary options traders will be looking for down options on a break of the level. But this looks unlikely to us. It seems far more plausible that the forex pair will try to stretch the local gains made since the trading day began a number of hours ago and head towards resistance levels tested and retested last week near 1.3810. A break of this resistance will surely put greater pressure on the forex pair to test the 1.3845 level and beyond. As such, our bias is certainly to the upside, and this despite the very strong move lower seen in the last 3 trading sessions

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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