Just as a recap:
- Dollar strength has a negative impact on other currencies, not just Bitcoin
- A pullback on the dollar index is overdue
- BitCoin has a support level at $300
Last Friday, after seeing BitCoin unable to hold any intraday support for long, I sounded the alarm on the 340 daily support and said to watch for 300 instead.
Today we saw the dollar index pullback, nearly reversing the gains from Friday, and we see a corresponding bounce in the price of BitCoin.
This is not nearly enough price action to take a Paul Krugman style "victory lap", as there are 4 days left in the trading week a lot of ground to cover, but it's a good indication that BitCoin is willing to fight back off of the lows.
Trout Payment Systems is a Houston based merchant services firm focused on helping businesses accept credit cards in Houston, and is one of the first firms in the city to help businesses accept BitCoin.