The huge volatility in Bitcoin on Nov. 29 caught a number of novice investors off-guard. This serves as a reminder to the traders that cryptocurrency trading should be taken seriously.
Additionally, this fall is likely to renew the debate among the believers and the non-believers.
Joseph Stiglitz, the Nobel Prize winner, went as far as to demand a ban on Bitcoins. On the other hand, John McAfee, founder of McAfee Associates, has gone ahead and raised his target on Bitcoin to $1 mln by the end of 2020.
Nonetheless, other than for the long-term investor, these sky-high targets are unlikely to be of much use. The trader is more concerned about the next 20-40 percent move. So, let’s try to jump into the charts and attempt to forecast the next direction…