by Alex Barrow
Financial Sense
One of our more profitable trades this year was in the cryptocurrency Bitcoin.
[…] We caught it breaking out of a long-term triangle pattern and rode it to the very top of its trend. We then successfully exited our position right before Bitcoin began breaking down last week.
For those who maybe unfamiliar, Bitcoin is a digital asset and payment system — a virtual currency. It’s considered a cryptocurrency because it doesn’t require a central bank to handle its transactions. It’s all self-contained through technology that encrypts and records a ledger over a distributed computer system. This technology is called the blockchain.