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Currencies BitCoin Bitcoin Pauses as Volatility Dies Down

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Bitcoin is trading mostly unchanged after the volatility experienced during the last two days died down. The daily range today was just under $10 dollars, a far cry from yesterday’s $24 dollars. The lowest low stands at $339.60 and the highest high at $349.56. We are currently quoted at $346 on BTC-E and $354 on both BitStamp and OKCoin.

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A decisive break of $360 will likely end the current downtrend. But to generate a sustainable rally, bitcoin will need to take out the $388 swing high. Above here, the $400 -$408 area may provide some resistance, followed by the November 13th swing high at $454. On the lower end, a move below $332 should lead to renewed losses toward the $319 support level. Below here, the $300 round figure may support prices. This is followed by the October 5th swing low at $285.

The positive news coverage due to the Microsoft announcement continues. According to BitPay, the bitcoin payment processor used by the software giant, Microsoft has a longterm vision for bitcoin:

”Microsoft has a long-term vision for bitcoin, BitPay and the blockchain. Starting with digital goods in the US is the logical first step, however, they want to expand to Europe and globally and add support for other products as part of that rollout”

Thursday’s Microsoft announcement got quickly picked up by major media outlets and the gaming community. The aftershocks of the news continued today, with the German Wall Street Journal and other German media reporting on the story. This shouldn’t be that surprising, Microsoft is the largest company to date that accepts bitcoin payments. With a market cap of $383 billion USD, MSFT is the second biggest company on the planet, below Apple and just above Exxon‘s $373 billion.

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