{Based on|Based upon} {technical|technological} {indicators|signs|indications} {and|as well as|and also} {moving|removaling|relocating} {averages|standards}, {prominent|popular|famous|noticeable} trading {and|as well as|and also} {investment|financial investment} {platform|system} Investing.com {states|specifies|mentions} that it is {optimistic|positive|hopeful|confident} for Bitcoin {traders|investors} to {purchase|buy|acquire} the {digital|electronic} {currency|money} for both {short|brief} {and|as well as|and also} {long term|long-term} {profit|revenue|earnings}.

1. Amid Bitcoin Price Recovery, Investing.com Suggests “Strong
Buy”
teamsteverhyner.com/amid-bitcoin-price-recovery-investing-com-suggests-strong-buy/
Based on technical indicators and moving averages, prominent trading and investment platform Investing.com
states that it is optimistic for Bitcoin traders to purchase the digital currency for both short and long term profit.
On Feb. 9, Bitcoin price plunged overnight, decreasing from $1,060 to $964. Bitcoin has already recovered since
then, rising back to $1,030 in most major markets.
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2. Shock and panic
Last week, the People’s Bank of China halted withdrawals for Bitcoin
and Litecoin users of Huobi and OKCoin, two of the largest Bitcoin
exchanges in China that control roughly 20 percent of the global
Bitcoin exchange market with a $50 mln trading volume.
Temporary suspension of Bitcoin withdrawal on Huobi and OKCoin
caused a shock in the US Bitcoin exchange market, triggering panic
sellers to auction off their funds and Bitcoin on major Bitcoin exchange
platforms such as Bitfinex and Kraken.
Despite the resilience of the Chinese Bitcoin exchange market and its
traders as explained in Cointelegraph’s recent article entitled “Bitcoin
Price Roller Coaster: US Panics, China Shows Resilience,” the Chinese market couldn’t withstand the declining
value of Bitcoin in the US market, which is substantially larger than the Chinese Bitcoin exchange market.
Recovery
However, the price of Bitcoin began to recover as the Huobi and OKCoin announcements were embraced and as an
increasing number of users began to realize that exchanges are simply not secure and efficient platforms to store
Bitcoin.
By law, Bitcoin exchanges are required to build a platform wherein exchange operators are given authority to control
user funds. Thus, Bitcoin stored in Bitcoin exchanges can be described more like an IOU, a signed document
acknowledging a debt, rather than actual Bitcoin.
Less than a week has passed and Bitcoin is close to its initial all-time high price of $1,060 and is currently hovering
at $1,034.
What doesn’t kill us makes us stronger
In consideration of Bitcoin’s resilience to market uncertainty and its ability to recover rapidly in a short period of time,
Investing.com suggested that both short and long term trading for Bitcoin are extremely optimistic, categorizing
hourly, daily and monthly trading Bitcoin as a “Strong Buy” on its platform.
Investing.png
Technical analysis further suggests that Bitcoin price could near $1,050 of the resistance level holds in the short run.
Unless major events or announcements that may largely impact the Bitcoin industry and community emerge in the
near future, the price trend of Bitcoin looks optimistic, as told by Investing.com amongst other analysts.
Re-posted from www.cointelegraph.com by Joseph Young February 17, 2017
Learn how you can mine Bitcoin and use some of the proceeds to protect your purchasing power with
precious metals. Click here to find out more.
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Steven L. Rhyner
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