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RE: Bitcoin (BTC) Mid-Day Update: Precisiont HIT of Downside Elliott Wave Targets!! THIS IS THE POWER OF TECHNICAL ANALYSIS!!!
where did this come from ? 50% up in 24 hrs - what news has caused this ?
where did this come from ? 50% up in 24 hrs - what news has caused this ?
The SegWit2x cancellation?? There's also the fact that the EDA is to be forked out shortly.
would that be because the people in support for segwit2x have now moved support to BCH ?
most likely, yes. major proponents (bitcoin classic was the first i believe) of segwit2x have announced that with segwit2x closed, bitcoin cash is the true bitcoin
No news caused this. Our minds force us to attach a happening to a cause. There are way more causes going on than anyone or any one country or any one planet can know of. The undercurrent is silent, the news is noisy. They are only noisy because they MUST attach reason to everything....there is none.
hey scarlet7 there must be some reason why it exploded 50% ?
Must there be?
Perhaps so, but perhaps the reasoning is not so plainly seen. So much going on so many places....reasons tend to become subjective.
The truly important thing here is the probable pathway was fulfilled. No reasoning needed when it was written, and none needed when it is done.
Any reason is already shown in the charts, the numbers, the equations. It doesn't need an event, we just need to assign one.
Bitcoin isn't doing that well. Scaling has become a mess while BCH keep things cheap and fast. People look at a place to put their money on. ETH had a stupid wallet freeze(not the fault of ETH). Money goes into BCH which had recent gains. Creates a positive feedback spiral and the volume grows to a point it's almost 6 times the volume of ETH.
Since the fork I've been calling for $1000+ BCH before the end of the year and currently it looks like it could go over $1500
This might even grow to a point where Bitcoin's dominance over the market would diminish to some extent.
this has to be some kind of whale pump and dump ?
Miners like bigger blocks. Users get served better with faster and cheaper blocks which also result in more merchant adoption. BTC hashpower has fallen over 60% in 2 days. All of that went to BCH. Think about the effects of that.
https://fork.lol/pow/hashrate
BCH is also the longest chain BTW.
This has the pump&dump speculators involved. But there are also tons of long term sustainability and fundamentals involved too.
Doesn't really matter that BCH is the longer chain, since the difficuly was always way lower than BTC. The total work is what most people care about. I think BCH will overtake BTC eventually, but BTC has over ~50% more work than BCH.
I agree it won't happen right now. It could take upto another year. If some banksters pull of something things good go in a different direction. I actually had a very long discussion on this post: https://steemit.com/cryptocurrency/@arthuradamson/bitconnect-investigation-if-this-is-a-scam-and-it-falls-the-government-will-not-turn-a-blind-eye
Please take your time to check it out. There was several pages worth content in the comments.