Bitcoin - coiling trending upwards

It is always advised to explore a gamut of asset classes to get an all-rounded perspective for investors. Traders might view things differently though: immediate gains. While for both broader set of financial enthusiasts its vital to ensure complete legality / centralization of instruments in consideration, in recent times semi-regulated / de-centralized instruments like Bitcoins are gaining traction for ease and speed of transactions. There are a number of exchanges where these crypto-currencies get traded and intermediaries called miners that play the role of ensuring supply / semi-regulation.

Bitcoin grew 120% in 2016. 2017 has started off on a bullish note. On technical daily chart, the crypto-currency exhibits hikes and pull-backs then coiling upwards taking the currency higher. All time-highs of 1094 and then a pull-back. Bitcoin currently trades at 1045 and is likely to show similar pattern of coiling upwards and consolidating around 1000 psychological level before picking a direction, most likely upwards again.

The rapid growth, however, has sparked attention amongst the regulators of nations where this currency is being widely traded, say for instance China. This could appear as one of the causes in recent blip in Bitcoin performance in the market. The future, at least technically looks higher in terms of the price-action.


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