The Future of Bitcoin in One Chart

James Turk April 1, 2016 No one can predict the future, but charts can provide a useful roadmap to help guide us through uncertainty. Charts do this because they illustrate price trends – whether up, down or sideways – and it is always important to keep your investment portfolio in harmony with the trend.The following weekly chart of Bitcoin’s exchange rate to the US dollar is a good example that shows how charts illustrate a trend. Since November, Bitcoin’s exchange rate has essentially been moving sideways. More precisely, it has fluctuated within an increasingly narrow range to form a large pennant. Pennants form to reflect a period of consolidation. In the chart above, we can see how Bitcoin shot up last autumn, more than doubling from the $220s and briefly touching $500. It then dropped back and since then has been fluctuating within this large pennant. It doesn’t always work … Continue reading