This Coin Beats All!

Aibek Burabayev - INO.com Contributor - Metals


Break Rules, Change The World!

Indeed, we are living in an exciting time of dramatic changes in our world. Nowadays, when you talk about the channel, it can be YouTube, not MTV. When you need a ride, it can be Uber, not a taxi. When you are going to shop it can be on Amazon or Alibaba, not at Wal-Mart and we can count on further changes in the future.

By the way, Uber is the largest taxi company, but it has no cars, same as Alibaba which is the largest retailer, but it has no stores. Today I want to review the currency that has no controlling government, but has the value, the value that people are ready to pay for with real fiat money.

Cryptocurrency, digital currency, virtual currency are all the names of Bitcoin (BTC), the digital asset as described in Wikipedia. It doesn't matter what you call it as long at it performs well. Let's look at how it has been behaving for the last year on the chart below. Continue reading "This Coin Beats All!"

Is Bitcoin The New Gold Standard?

The last month or so has been an interesting one for Bitcoin (BITCOIN:BITSTAMPUSD) believers. No doubt you have heard about the collapse of Mt.Gox, the largest Bitcoin exchange in the world and the missing millions.

If the collapse of the Mt.Gox exchange was not enough, Newsweek announced to the world that they have tracked down the mystery man who they claim invented Bitcoin. The gentleman’s name is Satoshi Nakamoto and it has long been assumed to be the pseudonym for the man (or woman) who created Bitcoin. Satoshi Nakamoto subsequently denied that he was the brains behind Bitcoin, so the mystery continues, or does it? You would think with a major Bitcoin exchange collapsing, all the controversy and lost funds, Bitcoin would have collapsed to zero, as everyone rushes to cash out their virtual currency.

But oh no, the opposite appears to be happening when you view the recent Bitcoin (BITCOIN:BITSTAMPUSD) market action. One thing is for sure, the Bitcoin market is not going down anytime soon based on the technical charts that I look at.

This is a follow up post to my earlier Bitcoin post. Now you can see Bitcoin charts and quotes on MarketClub and on our public website, INO.com. The truth is, Bitcoin trades just like any other market, including gold.

Is Bitcoin the new gold standard?

Chart Legend & Technical Picture For BITSTAMPUSD (Black Numbers)

1. Classic base
2. Classic chart breakout
3. Double top
4. Double bottom
5. Downtrend line
6. Double bottom
7. Watch for breakout
8. Trade Triangles

Bitcoin (BITCOIN:BITSTAMPUSD) technically looks a lot like gold did after it made its double bottom last December. The key level to watch in this market is a break over (5) on the chart. Any move over $700 should be viewed as extremely bullish for Bitcoin, signalling a move to test the $1,000 area.

Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub