Bitcoin has been showing a few signs of life over the past weeks. The mania is gone and Bitcoin trades well below the long term 200 day average. Interesting to note here is that the chart actually did bounce on the 6k level and is holding so far.
Key for a further move up would be a close above the 6900 level.
Reuters has put together an informative infographics article worth reading that explains the technology well. See link here.
Bloomberg published “What’s Next for Bitcoin” over the weekend:
Last year, Bitcoin led a motley pack of so-called cryptocurrencies in one of the great booms in market history, soaring over 2,000 percent to its peak. Since then, it’s led an epic bust that rivals the dot-com era stock market collapse. But there are still plenty of true believers. And as the dust settles, investors and regulators find themselves still grappling with questions first raised when Bitcoin broke into public consciousness five years ago: What exactly is it? How do imitators like Ethereum, Ripple’s XRP and Bitcoin Cash work? Should I buy it? Where do cryptocurrencies fit into the future of money? Here’s a guide for those feeling at sea in these turbulent digital waters.
Full article click here.
Source: chart by Bloomberg