If you’re wondering what in the world is going on with Bitcoin then it might be worth reading all about the crypto-currencies here.
This week the CME announced that they were introducing a Bitcoin futures contract. That is the first step in taking it into the mainstream in my opinion and is a big boost forward. As a result, the value has shot up and now we are trading in the $7000 range.
We don’t want to be buying the top, so we need to find some good levels in which to try and ride this momentum.
I think 6800 is the bottom end of this most recent spike, however, there will certainly be some support at 6400. It looks a long way back now but I would ideally be a buyer at 6200 which was resistance turned support.
Other Options
Our Leading Analyst Skerdian, has been completely across the Crypto space in recent weeks and at the moment we have a number of buy signals out on LiteCoin, Ethereum and Ripple.
If you feel like Bitcoin is a bit too hot right now, consider buying one of the other lagging currencies. They are offering great upside potential as well.
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