In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the February 22nd session.
Bitcoin/USD — Bitcoin made a parabolic move once again as it broke above the $55,000 level. Bitcoin is trading above this $10,000 level range, which was broken recently. Bitcoin received significant boost after Tesla announced that it is investing in bitcoin and would accept bitcoin as payment in the near future. This was seen as a strong fundamental catalyst in the recent past. It is interesting to note that bitcoin has doubled in value in a period of 6 weeks. However, you need to be cautious to be buying at the current level. It is better to buy at lower levels after a pullback happens. The $60,000 level looks as the next likely target to the upside.