As many of you know the market has been due for a correction for a while, the growth of bitcoin has been far from natural in these past six months.
TA: BTC broke trend line and has successfully formed h&s pattern.
With a lack of volume in the following hours we could see BTC heading down to lower support levels and probably finding itself at it's first significant support level at around 13,000 or we can even fall to lower levels. (We're getting considerably lower volume levels right now which is never a good signal, there's always a calm before the storm)
FA & SA:
Bitcoin's archenemy BCH has just been added to Coinbase, dragging out a lot of volume from the whole market. Bitcoin has been increasingly been falling under scrutiny under the past months due to a "useless" dev team. We had the miner attack on the BTC network a while back where miners have jumped boat and hopped on bch. In fact , Bitmain the leading manufacturer in bitcoin asic miners now only accepts BCH as a form of payment as the Bitcoin network has been rendered close to useless due to high fees and extremely long tx times.
We also have to understand that bitcoin is the pioneer of this market, the fall of the giant could mean a loss of trust on the cryptomarket and could stun the growth of the market. People are always scared of change specially those that are too comfortable with the way things are going, or have high staking in certain assets. This doesn't mean if this chart unfolds accordingly the market will be gone forever, at the contrary we will see lower entries for these cryptos.
This is all based on my deductions, but if you have a quick glance at the market domination of bitcoin you will notice that this might be the beginning of this correction. prntscr.com/hqdfhj
Conclusion: At the end of the day bitcoin is another breed of animal we had yet to tame, it has proven to me over time that it can wipe its ass with all TA in the world. These are just my thoughts on the current situation, and what the chart tells me.
Trouble my ass. It just moved to an upper channel and the previous resistance is the new support which has already been tested. Now time to fly high.
King-king
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@nagarjunroy, I'm guessing you did not even look at the TA. It was literally spot on. Also my analysis was on a 30 day period, yours is on a year span I don't even understand your point.
redking75
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The post was good, but reading the comments was better.
nerophon
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How can two people who both claim to be speaking the truth carry such opposite conclusions? Most of the arguments are judgement calls and redefining words and general FUD flinging; but at the heart of the disagreement is a very serious question: what is the best way for bitcoin to scale? BCH supporters believe increasing the block size is an acceptable solution, BTC supporters reject this and therefore generally support off-chain solutions like Lightning. Opinion is genuinely split on this, and anyone who says one side or the other is either incompetent or just out to make a quick buck is not accepting that there is true uncertainty about which direction will result in a better protocol (and for whom).
IMHO the block-size increase solution isn't going to solve the scaling problem in the medium or long term. To understand why I believe this, you can look at Ethereum as an example. It launched without a block-size limit, and has never instituted one. But the developers realised that allowing any size of transaction without back-pressure would open the protocol to being overloaded. So instead of a block size limit they created the concept of "gas", which is like a transaction fee. It was initially variable, then had to be fixed to prevent DDOS attacks, then had to be allowed to vary again when the ICO scene started to heat up. But despite all of this, Ethereum still struggles to scale effectively; back-pressure is necessary but not the same thing as scaling! Neither an infinite block size nor variable transaction fees actually solve the scaling problem. They don't for Ethereum, and they won't for BCH.
King-king
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@nerophon, Great point, this idea was created with the purpose of predicting BTC's close future. I added sentiment which is the main catalyst for BTC correction that might happen, in no way shape or form was this some sort of propaganda. Other users got just came waving their flags when I named these catalysts. I don't side with any of the two, I'm not here for the technology. I'm here for my personal monetary enrichment.
mortonpeak
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BCH is a product of marketing and sowing FUD. BTC is the Ford of crypto
King-king
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@mortonpeak, I'm in now way shape or form advocating the purchase of BCH, simply stating facts.