What is Bitcoin?
#Bitcoin is a convertible virtual currency. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.
Is Bitcoin a commodity?
Yes, virtual currencies, such as Bitcoin, have been determined to be commodities under the Commodity Exchange Act (CEA).
Does the CFTC oversee Bitcoin?
The U.S. Commodity Futures Trading Commission’s (CFTC) jurisdiction is implicated when a virtual currency is used in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce.
What risks come with virtual currencies?
While virtual currencies have potential benefits, the market overall is largely unregulated, so beware.
Virtual currencies:
• Are commonly targeted by hackers and fraudsters
• Have no assurance of recourse if stolen
• Involve e-wallets or storage that present cybersecurity risks
• Carry speculative risk plus fraud and manipulation risks
Bitcoin closed up 63.449 at 36,177.801. Volume was 59% below average (consolidating) and Bollinger Bands were 22% narrower than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Summary
Bitcoin is currently 0.1% above its 200-period moving average and is in an upward trend.
Volatility is relatively normal as compared to the average volatility over the last 10 periods.
Our volume indicators reflect volume flowing into and out of Bitcoin at a relatively equal pace (neutral).
Our trend forecasting oscillators are currently bullish on Bitcoin and have had this outlook for the last 22 periods.
Overall, the bias in prices is: Upwards.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles.
During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
Bitcoin Basics and Technicals added by HEFFX on
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