Editor’s Note: Welcome to Kitco’s new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Bulls are fading as a price uptrend on the daily chart has been negated. Disclaimer: The views expressed in this article are those of the bitcoin 1 week chart and may not reflect those of Kitco Metals Inc.

This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Editor’s Note: Welcome to Kitco’s new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Bulls have had a good week, so far.

Recent price action has formed a bull flag pattern, which suggests the next big price move will be on the upside. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. The US dollar rallied to an 11-month high against a basket of peers Tuesday as trade tensions between the US and China soared, pushing markets to poise for faster inflation and a more hawkish Federal Reserve. 12 million on the blockchain equivalent of Beanie Babies. Bitcoin keeps coming back in the headlines.

With any Bitcoin price change making news and keeping investors guessing. In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Bitcoin is divorced from governments and central banks. It’s organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place. Every time anyone buys or sells bitcoin, the swap gets logged.

Several hundred of these back-and-forths make up a block. No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins. True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker, cheaper, and more reliable form of payment than money tied to individual countries. A 2015 survey showed bitcoin users tend to be overwhelmingly white and male, but of varying incomes. The people with the most bitcoins are more likely to be using it for illegal purposes, the survey suggested.