BITCOIN INVESTING: OUTLOOK AND DEMAND
|Photo credit: www.coinbase.com|
The recent increase of the "crypto currency" known as bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Many have invested by using sites such as www.coinbase.com to get an overview of the buying and selling process.
According to a technical analysis, bitcoin is poised for a plunge by as much as 50 percent from its current price of roughly 15,000. Bitcoin was roughly peaked around 20,000 in December of this year. The relative strength index (RSI) proceeded to decline, the price of bitcoin continued to rise, a divergence that's a strong bearish indicator. RSI level would need to fall below 30 before indicating the cryptocurrency is oversold.
Before investing in any type of currency, make sure you do your research if you can't consult with a licensed financial advisor or investment advisor.
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