What are you doing, Bitcoin?! It looks like something just spooked the market. Was it the Coinbase/Ethereum mess? Is it Segwit2x? Something's going on.
Just a quick glance at the RSI at the bottom of this screenshot shows just how oversold Bitcoin went a few minutes ago. Prior to the dip, the price was consolidating pretty nicely around $2700. I was fully expecting the market to have $3000 in it's sights again by today, but something spooked it.
The only two news bits that stick out in my mind are: The Ethereum flashcrash on Coinbase that prompted Coinbase to close, or the news that Segwit2x has made it to 80% support on Coin.Dance today.
Whatever prompted this dip doesn't matter. I don't expect it to last, so I'll view it as an opportunity to grab some discounted Bitcoin. I'm still watching for the Bitcoin price to cross $2800 and resume the trend to B3K and beyond! The closer we get to Segwit activation, the more I expect the price to climb.
Just my thoughts about Segwit2x really quick: Segwit2x is signalling Segwit through BIP91, which lowers the activation threshold of BIP 141(original Segwit proposal) to 80%. That's all I'm focusing on right now. With a maintained 80% support, we WILL have Segwit activated on Bitcoin and there is no chance of a chain split on August 1st. As for the 2x part of the proposal...well, they don't really have a means of activating a Hard Fork to 2mb blocks, UNLESS THE ECONOMIC MAJORITY SUPPORTS IT. If the miners try to force a hard fork in 6 months with no support from users, wallets, or exchanges, they will simply be starting an altcoin. If they work with the Core developers to properly roll out a 2mb hard fork and achieve consensus, then it isn't a problem.
TL;DR - The market should be happy that Segwit is going to be activated on Bitcoin SOON. The 2mb Hard Fork isn't a real threat, whether or not everyone decides we need it. As always, keep your stops tight and trade safely.
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Thanks for the context ! Also added you on Steem voter , hoping you do the same
Thank you, and done! :)
Can you explain what is segwit ? :)
Segwit is an upgrade to Bitcoin that makes more room in the block for transactions and fixes transaction malleability. It has been tested on testnet for a year or longer and is the best way to scale bitcoin.
It moves the transaction signature data to a different part of the block, allowing more room in the block for transaction only data. It also gives weight to different block data, allowing signatures a certain weight instead of kB(for example), and allowing the rest of the weight to go to transactions. This is how it effectively turns a 1mb block into a 2.7mb block without a block size increase.
The way I see it is btc went up, so people in eth and maybe ltc exchanged back into btc and sold at the peak. I still think btc eth and ltc will rise again. Day traders will trade :) What do you guys think? any replys welcome.
That's certainly a possibility. Eth and Ltc have gone up a lot.
yeah :) & Thanks for the reply bud
As I lack the knowlege what would be better to bitcoin from a technoligy view, I was pretty happy to hear that there was an agreement.
Anyways for now I am hoping we will have some blood on the streets as I wanted to invest some fiat.
Haha! I know what you mean. I don't think it'll be "cheap" ever again. Best to bite the bullet and hang on.
#teamnosleep 😁😁