I don’t want to jinx the move or anything. But I have to ask: Is Bitcoin...back?
Take a look at the MoneyShow Chart of the Day, which shows how the benchmark cryptocurrency has traded over the last six months. You can see the steady, sickening selloff from the October high around $125,000 to under $80,000 in November. Then it was touch-and-go for a while, with the bulls and bears battling to a draw.
Bitcoin (6-Mo. Chart)
Source: Stockcharts.com
But after managing to avoid making lower lows in December, Bitcoin began to perk up after New Year’s Day. Now, it’s looking like it wants to make an assault on the $100,000 level again. MACD is turning up as well, as is RSI…signaling steady accumulation.
Of course, “Digital Gold” has vastly underperformed ACTUAL gold (and other metals) for a while now. But if you’re looking for something that might be the NEXT asset class to move, keep an eye on Bitcoin. Technical analysis alone suggests it might be poised for more upside.
