BTE/USD and Euro are still on a decline after positive developments. Despite opening higher and bolstering up a reliable payment processor, these currencies continue to move a downward trend.
To cope up with the continuing fall of BTE/USD in the Forex market, Financial Crimes Enforcement Network announced a new system to reinforce consumer confidence and trust over the digital currency. Part of the new changes in Bitcoin and Forex guidelines are the employment of stricter payment processors, and that companies running Bitcoin Exchanges will be considered as money services in the United States. However, despite these efforts to offer judicious legal structure, provide convenient transactions using Bitcoin, and eventually gain trust, BTC/USD continues its downturn.
There is lack of buying interests, resistance is at around $400, stochastic oscillator is moving downward, and relative strength index slides to bearish territory. Analysts say these movements are troubling especially when there is a collapse of a $360 support zone and volumes are starting to slump. Analysts predict that this could lead to lack of sales at any current levels, which is already happening since last week.
Meanwhile, after recovering from a depressing data of U.S. Pending Home Sales, Euro is again forming signs of weakness by moving to a bearish tract, following a downward trend for all economic indicators. With this, the European Central Bank is said to discharge beforehand a Quantitative Easing program to control Euro-zone’s descending path.
To avoid moving with this downward track, investors must be aware of the U.S. Durable Goods Orders data, which will be shown at 13:30 GMT, which gives analysts vital predictions and perspective of the path of the Greenback. And at 19:00 GMT, a FOMC Statement will be announced, so as to understand more the new rules regarding the Quantitative Easing project.