BTC/USD opened at $477.87 and continued to gain till $492 before settling down to trade at $477.87. The currency pair has bottomed out near $455 and is making all efforts to move up in short term, one good news for bull is that the volume is increasing day by day and the momentum indicator Stoch RSI has also given a buy signal.

The unveiling of ApplePay by Apple (AAPL) has once again brought Bitcoin into a row of arguments as to whether the new pay mechanism will put an end to the virtual currency. Many believe that ApplePay is not a threat to Bitcoin, but rather an opportunity that could take the virtual currency to a new level. Firstly, Apple's ecosystem is closed and secondly, it is expensive. The two factors present a valuable opportunity to virtual currencies, which are open and are virtually free. Most importantly Apple has a track record of influencing consumer behavior. Therefore, ApplePay could likely win over users to its new form of digital payments over the more traditional ones. Once this behavior set in then there is no turning back as people will want more convenience and value for money and that is exactly when the digital currencies could set the stage up for themselves.

While the Bitcoin community is keeping their attention on ApplePay developments, Coinbase is engaged in its own efforts of extending the reach of the digital currency to other regions. To this end, Coinbase is planning to roll out its services to nearly 13 countries in Europe, which will include, France, Netherlands and Italy. Coinbase will let users buy and sell bitcoins in exchange of euros. Bitcoin can only reach mainstream if it reaches the hands of more ;that is exactly what Coinbase is trying to achieve.

Actionable Insight:

Buy BTC/USD above $483 for target of $490, $498 with stoploss of $477

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About the Author: Ben Myers

After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After stints with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before becoming chief analyst at YesOption and remains a keen Forex and Binary Options trader.