Bitcoin Price Watch; 1300 Just Around The Corner!

Another day done in our bitcoin price trading efforts is drawing to a close, and it’s been one that has been pretty good to us. We noted in our coverage this morning that the bitcoin price seemed to be settling down a bit, and that we we’re expecting some degree of sideways trading today, as price ranged into a consolidation period.

We set up a range that was capable of taking advantage of breakouts to both the up and the downside, and set up some relatively aggressive targets coupled with some tight risk management parameters. As it turns out, the strategy has served us well.

We saw the bitcoin price break through the upper level in our range mid afternoon, and price hasn’t really looked back since. We got in on the break, and managed to carry through to our predefined take profit without any suggestion of a reversal or a chop.

So, what does this mean for tonight?

Well, it brings 1300 into play as a potential near term target (we’re actually going to look beyond that level, as we’ll get to shortly), meaning we could be in for some fresh highs in the bitcoin price near term. Fresh highs make things interesting, as they usually generate a wave of extra attention (outside the space) that adds extra speculative capital to the equation, meaning we could see a real run soon.

So, let’s get to our key levels for this evening. Take a look at the chart below before we get started.

As the chart shows, the range we’ve got for tonight is defined by support to the downside at 1281, and resistance to the upside at 1290. If we see a close above 1290, we’ll be in towards 1305. Conversely, a close below support will put us in towards 1270.

Let’s see what happens.

Charts courtesy of SimpleFX

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We can send funds across the world using bitcoin, we can also use it to pay for goods and services and we can also trade it against other currencies and commodities. When we can do all these things with bitcoin, why can’t we just get paid in the same digital form which we can spend comfortably?

Actually, we can. There are many such services that allow companies to pay their employees’ salaries in bitcoin. It is just a matter of adoption and not many companies have opted for it yet. But the scenario is slowly changing for good. PEY, a German bitcoin services company has announced that it will be launching its bitcoin payroll solution soon in the country and it will be used by one of the leading German tech publication named t3n.

PEY will be adding bitcoin payroll solution to its already impressive service offering in the coming days. Based out of Hannover, Germany PEY has further extended its partnership with Bitpay by integrating its bitcoin payroll into their offering. PEY is already using Bitpay’s bitcoin payment gateway API from last year to offer merchant payment gateway solutions in Germany.

T3n, the publication that will be offering bitcoin payroll option to its employees has also released an announcement regarding its plans. According to t3n, employees can choose to choose to either receive the whole salary or a portion of the salary in bitcoin. Since bitcoin is not considered a legal tender in Germany, the employer can offer bitcoin as a tax-free benefit. According to reports, t3n employees may be entitled to receive up to 44 euros as tax-free benefits in bitcoin.

The adoption of Bitpay’s bitcoin payroll API by PEY was announced by the company in its official blog post. The company is already providing its bitcoin payroll API to OPSkins, a Canadian gaming marketplace and US-based Zuman HR platform. T3n will become the first German company to pay bitcoin salaries. By including bitcoin into the payroll, companies can save a lot of time and transaction costs otherwise associated with conventional fiat transfers.

While this comes as a welcome development to the bitcoin community, it is not sure how the governments will receive it. The European Union is already weary of bitcoin and other alternative payment methods. The governments believe that the digital currency may be misused for money laundering, tax evasion and other illegal activities. Following the Paris attacks, there have been calls from various EU nations to either ban the use of bitcoin or introduce tough regulations to rein in the digital currency ecosystem in the region.

However, the governments should not be concerned about the use of bitcoin in payroll as the companies using bitcoin payroll will be required to maintain records and report the same to government authorities on a regular basis.

If there is any objection by the government or any other regulatory body regarding the implementation of bitcoin payroll in Germany, we will soon get to know about it. We believe that it is a good move by PEY and t3n to enable bitcoin payroll and hope for more companies across the world to follow suit.

Ref: Bitpay Blog

Bitwage is making international payroll better and easier. Companies using Bitwage reduce payroll costs, increase transfer speeds, and have access to unique payroll tools that cannot be offered through traditional means.

The average cost of paying employees overseas is 8% from flat fees and exchange rates, 3-5 business days and the stress of having no insight into payment flow process. Bitwage allows Employees to both receive a wage and pay for goods and services in Bitcoin. However, being paid in Bitcoin has been difficult for customers concerned about the volatility of the Bitcoin exchange rate.

This is why the company designed a new product – Bitwage Cloud Savings. By partnering with Bitreserve, Bitwage is now able to offer customers the option to choose any portion of their salary to be split and held in 9 currencies and 4 precious metal, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver. With Bitwage Cloud Savings, receiving wages around the world has never been easier.

From paycheck to paycheck, Bitwage users will be able to decide exactly how their salary is paid. Whether the customer is a Greek contractor wishing to hold US Dollars, a Spanish software developer looking to hold Euros or a US employee who wants to be paid in a split between Bitcoin, Gold and Dollars, Bitwage gives the choice back to them.

Bitwage users already enjoy an element of separation from their bank and the traditional financial system. However, Bitwage Cloud Savings now allows them to bypass the whole process, unlike other services that require customers to sign up with a bank account to receive fiat and digital currencies. This means that for the unbanked and underbanked, now exists a solution that allows them to participate in the global digital marketplace and avoid the slow, costly process of check cashing services.

Bitwage envisions a world of low-cost, fast, borderless payroll where, with Bitwage Cloud Savings, employees and contractors all around the world can avoid the limitations enforced by the traditional banking infrastructure by harnessing the efficiency and freedom of Bitcoin held in the currency of their choosing.

With the company allowing such services, users and newcomers getting into cryptocurrency no longer need to have a bank account in order to enter the digital currency space.