luckyhelper

Key reasons for another drop in the price of the Bitcoin.

COINBASE:BTCUSD   比特幣 / 美元
No transaction fees, enabling micro-payments and micro-donations is what made Bitcoin             so popular. Bitcoin             is an electronic crypto-currency not tied to any financial institution, which enables you to make international transactions outside of the banking system. Some big chain of stores are thinking about accepting Bitcoins             on the checkout. These are the main reasons, why the price of the Bitcoin             skyrocket. As the maximum number of coins is specified, the price of the Bitcoin             has to rise the more people make use of it.
However, during the last months, Bitcoin             transactions became very slow and all of a sudden, high transaction fees have to be paid. It is obvious that the Bitcoin             network cannot handle anymore the high workload. It is even questionable whether Bitcoin             can hold as the number one coin if it fails just in these important characteristics.
Additionally, 78% of the computer power of the Bitcoin             network is located in China. China wants to ban Bitcoin             mining and verifying because of the high consumption of electric energy. Depending on the speed of realizing that plan of banning mining, this can temporarily lead to an additional bottleneck in the Bitcoin             network.
It is foreseeable that more and more people will elude Bitcoin             and turn towards other coins. Once the number of people using Bitcoin             will erode, the price of the Bitcoin             will collapse. There are enough alternative coins available with transaction speed increasing the more people make use of them. Just to name such coins Ripple, Dash, Tech coin (coming soon) and Futurocoin (coming soon).
Cryptocurrencies have a bright future. However, it is very unclear if Bitcoin             is one of them. There are enough key reasons for another drop in the price of the Bitcoin             . Up or down? The decision will be made in these days.
Technical analysis.
The big picture are two triangles. The major, dark triangle lets us expect an outbreak to the upside at point 5. However, there is also a minor, light-grey triangle and the price of the Bitcoin             did just outbreak on its downside at point v. It will test the downside of the major triangle again. Any price below the red line at 12787 will turn the overall scenario into bearish . Should the bearish scenario be confirmed, the price might drop as far as 5568.
評論: BTC is just testing this important red dashed line. Will the overall scenario turn into bearish? The attached chart is magnified and shows just the outbreak of the minor triangle and the price of the Bitcoin testing the red line. Keep an eye on as we might be confronted with a completly different scenario all of a sudden.
snapshot
評論: The price of the Bitcoin is clearly below the red dashed line. The overall scenario is bearish now. However, the bearish scenario is not yet confirmed. Expect a pull back and a test of the red dashed line before the price moves further down.
snapshot
評論: Be aware that Bitcoin will turn and starting to move upwards during the day. I expect the low between 10600 and 11400.
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