+1 (866)-882-6854
+ 44 203-807-1675
10:22:36 GMT
Black & White


GBP/USD 1.25514 10:20 24.02
EUR/USD 1.05914 10:20 24.02
OIL-APR17 (BRENT) 56.330 10:15 24.02
AUD/USD 0.77055 10:15 24.02
AUD/JPY 86.694 10:15 24.02
SILVER 18.268 10:15 24.02
GOLD/EUR 1185.135 10:15 24.02
OIL-MAR17(WTI CRUDE) 53.980 10:15 24.02
GOLD 1255.437 10:15 24.02
EUR/JPY 119.183 10:15 24.02
USD/JPY 112.507 10:15 24.02
GBP/USD 1.25443 10:10 24.02
EUR/USD 1.05929 10:10 24.02
BitCoin/CNY 7817.995 10:00 24.02
USD/RUB 57.877 10:00 24.02
USD/NOK 8.32889 10:00 24.02
USD/CHF 1.00520 10:00 24.02
OIL-APR17 (BRENT) 56.245 10:00 24.02
NZD/CHF 0.72642 10:00 24.02
CAD/CHF 0.76746 10:00 24.02
NZD/USD 0.72268 10:00 24.02
SUGAR (11)-MAR17 20.1150 10:00 24.02
EUR/AUD 1.37528 10:00 24.02
CAD/JPY 85.880 10:00 24.02
AUD/USD 0.77030 10:00 24.02
AUD/JPY 86.645 10:00 24.02
GBP/USD 1.25379 10:00 24.02
EUR/USD 1.05932 10:00 24.02
We apologize for the inconvenience, registration from your state is disallowed.
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

Share Button
Adam Stone
Follow me

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
Follow me

Latest posts by Adam Stone (see all)

Start Trading with the most professional mobile platform, always on the GO
Play StoreApp Store