Trading alert: Where will Bitcoin go?

SwiftBoatVet, a Reddit user, posted a couple of screens it got while filling out a survey for PayPal. It seems the survey itself was revolving around Bitcoin, asking for direct comparisons of the two payment systems. While this fits in quite well with the comments made recently by eBay’s (owner of PayPal) CEO, John Donahoe, who expressed the opinion PayPal could integrate Bitcoin, the survey itself turned out to be somewhat unclear since it treated Bitcoin more as a PayPal clone than a currency or payment system.

The shortest explanation is that, perhaps, the survey was prepared without enough familiarity with Bitcoin and under the assumption that it was a payment system similar to PayPal. While this might have caused a few laughs here and there, particularly on the part of Bitcoin users who made fun of the schematic questions, it shows that PayPal is actually doing something to research cryptocurrencies.

The company most probably researches dozens of possible payment solutions but combine that with the words of Donahoe and you might come to the conclusion that the integration with PayPal is already worked on.

For now, let’s turn to the charts.

Yesterday was definitely one of the most important days following the recent rally on BitStamp. Bitcoin declined heavily on strong volume, losing 8.3%. Yesterday, we said it seems that Bitcoin will either fall further down, to $600, or trade sideways for some time before going up more decisively. 

As it turns out, the first option materialized and Bitcoin actually closed below $600 (solid green line on the chart). This might have looked like a major breakdown, but today’s action doesn’t confirm this point of view.

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