Bitcoin-USD: Technical Analysis - Rise in Pinball & Segwit 2X Activation on 25th August
While many bitcoins-users are watching the competition between Bitcoin and Bitcoin Cash, the war between Bitcoin Core developers and Segwit2x developer’s fuels tension in the crypto-currency community. The Bitcoin Core developers also mentioned that the Segwit2x team refused to include protection against replay attacks. This is a type of network attack on the authentication system by recording and then reproducing previously sent out correct messages or parts thereof, as a result of which cyber criminals receive additional coins.
Bitcoin Core developer Eric Lombroso says that Segwit2x "is a serious cyber attack, and all measures to combat this software will be implemented in both technical and legal form." The opposition is confident of obtaining sufficient hash capacity and support of enterprises. The developer of Bcoin & Btc1, Christopher Geoffrey, notes that "Gavin Andresen's OP_RETURN method provides protection from replay attacks and does not allow to cross networks with 1MB and 2 MB blocks."
Other supporters of Segwit2x think that the support of hash capacities will play an important role, because if 90% of the hash-time will work in the Segwit2x blockbuster, Core will most likely separate from them.This will lead to the fact that in Bitchein's blockade there will be an insignificant hash-rate with the previous complexity. It seems that this fight will last until November this year. The Segwit2x working group will not deviate from its goals and will continue to develop software in accordance with the roadmap. "The goal of Segwit2x is to update Bitcoin, and not create altcoyin," explained Jeff Garzick.
Image Credit: Bitconnect
The bitcoin price recover the lost and currently trade around $4200 still remain constant in Bracket of $4150 to $4250. If we analyze bitcoin is heading for another jump. The August 23rd rejection was perfectly at the rising trend line in addition to failing to hold below horizontal support at $3770 key and forming a bullish hammer candle. The bitcoin trend may remain bullish as long as the above support levels are holding. The chart below shows the range of today trading of btc is defined by support to downside at $4205. If we look closely the resistance is around $4250 the stop loss may on the trade, consider at $4230.
If we look on 22nd August 2017, the bitcoin corrected to $ 3,599. About $ 3,600 buyers bought it. The buyback began just below the 38% Fibo level from the upward movement from $ 2,404 to $ 4,492. Within 13 hours, the rate of BTC against the US currency recovered to $ 4,141, covering the morning losses. Rapid recovery may be due to the forthcoming activation of SegWit, which will be held tomorrow August 24 at 01:40:18 GMT.
Image Credit: Tradingview & Courtesy by: Newsbtc
As a result of the ricochet, a day pinbar was formed, a bullish signal. It was activated with the growth of quotations above $ 4142. If it is fully worked out, bitcoin by September will cost more than $ 4,600. Within two days, the price may rise to $ 4,492.
Also, I must warn you about the reverse side of pinball. Probability of working in the forex market is approximately 65%. With such a probability, you should not rely on it. Before you go up, the price often rolls back 50-60% of the range of the candle. In our case, the candle range is between $ 3599 and $ 4142. 50% is $ 3,870, and 61,8% is $ 3,800. Let's check how it is processed on crypto-currencies.
Image Credit: Tradingview
In a Summary, the price of bitcoin may be fall after the Segwit2X for short period time until the first block complete of Segwit2X full activation. It also possible in next 48 hours the bull rise up again. So, there is some confusion in market I hope it may clear in next couple of days. Comments your opinion below!