Bitcoin, the most famous of all crypto currencies, seems to have recovered from the beating it took since the beginning of the year, falling to a low of around $6,000 a few weeks ago, and is now racing back towards the $10,000 mark.
<b>Technical Analysis</b>
Bitcoin seems to have made the second shoulder of an inverse head and shoulders breakout, which is a technical bullish reversal pattern, indicating a bearish-to-bullish trend change. Although it could also be a hope pronounced by the many young guns invested in it.
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Many are also pointing out that Bitcoin has a historical tendency to drop in January whilst afterwards gaining momentum again in February.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTCUSD?src=hash&ref_src=twsrc%5Etfw">#BTCUSD</a> update: 4-hour chart <br>Previous bearish engufling candle near $10K signals temporary exhaustion. <br>A break below $9,600 could yield deeper pullback to $9,335 (10-MA). <br>Broader outlook remains bullish<br>(data via Coinbase) <a href="https://t.co/KWmRM9Np9u">pic.twitter.com/KWmRM9Np9u</a></p>— CoinDesk Markets (@CoinDeskMarkets) <a href="https://twitter.com/CoinDeskMarkets/status/964135273880784896?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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<b>Buffett</b>
Meanwhile, Charlie Munger, Chairman of Warren Buffett’s Berkshire Hathaway, was speaking at the annual meeting of the US publishing firm Daily Journal in Los Angeles.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> is 'noxious poison', says Warren Buffett investment chief <a href="https://t.co/7SU7SRdPzs">https://t.co/7SU7SRdPzs</a> <a href="https://t.co/bxQObOdMHH">pic.twitter.com/bxQObOdMHH</a></p>— Putin Newz (@Putin_Newz) <a href="https://twitter.com/Putin_Newz/status/964111294252101632?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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When questioned about cryptocurrencies, and Bitcoin in particular, Mr Munger said: “I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
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“Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.”
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