Read the full article about The Rise of Bitcoin at : http://elliottwave-forecast.com/forex/the-rise-of-crypto-currency-bitcoin/
Bitcoin is a digital currency distributed worldwide in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever : there is no government, company or bank in charge of Bitcoin. Economist concluded that it was just a another bubble that burst like the rest so we need to forget about it.
Let’s take a look into BTC/USD chart to understand the current situation and is it really over for Bitcoin ?
Since bottoming in 2015 , the digital currency kept getting supported every time it pullbacks in 3 waves making higher lows and after reaching 739$ last juin it started correcting the cycle from 2015 lows looking to complete 3 swings pullback around 465$ . That was the ideal area for the crypto-currency lovers to look into buying opportunity which it reached in last august before bouncing higher . So currently the worst cas scenario is that bitcoin will end up doing 7 swings reaching a floor around 390 before going higher again .
Taking a look at the bigger picture you’ll notice that the first big correction from the 2013 highs came as 7 swings which resulted in the recent year rise and while BTC keeps finding buyers in every 3 , 7 or 11 swings pullback it aiming for higher levels in the future it could easily make new highs above 1200 in the coming years . After all the crypto-currency isn’t dead so you better keep it under you radar if you want to be a part of the rising digital currency which will play an important role in the currency war !!
Continue reading the full article at : http://elliottwave-forecast.com/forex/the-rise-of-crypto-currency-bitcoin/