CHART ART: Bitcoin RIP CITY! A Look at What's Happening
When Bitcoin fell to under $2,000, I asked the following question:
...but can you help yourself?
At least I hope that was your answer.
If you bought the mother fucking dip, then I'm sure alerts on your crypto trading account are going nuts to let you know what the chart already looks like.
But if you missed the opportunity of a lifetime to get in, then brace yourself...
Daily:
Rip city, bitch!
Why Bitcoin Is Ripping?
The rip was basically caused by miners signalling their intent early through a piece of code called BIP 91.
Check out this little explanation from Coindesk today:
While many thought signaling for the controversial scaling proposal Segwit2x wouldn't begin until July 21, bitcoin miners are now doing just that by way of a piece of code called BIP 91.
As the first part of the Segwit2x scaling plan, BIP 91 does two things:
It makes it significantly easier for the network to adopt Segregated Witness (SegWit), a backward compatible upgrade that fixes transaction malleability and clears the path for off-chain solutions like Lightning Network.
If activated by July 31, BIP 91 will supersede BIP 148, a proposal that poses a risk of causing the network to split.
So as you can see, this removes the potential of two rival bitcoin blockchains with competing assets being created and adds a huge amount of confidence back into a market that was pricing in the worst.
The rally we've seen is just the market repricing after realising that the risks that it thought we were getting were overblown. A market psychology issue that i spoke about in one of my previous blogs.
Hey Johnny boy. You better start stretching those neck muscles...
SLURRRRRRRRRRRRRRRRRP!
Enjoy your weekend Steemit. I know I sure will!
Peace!
Related @forexbrokr CHART ART Blogs
Instagram: @forexbrokr
Website: www.forexbrokr.com
You think we are gonna see another big dip in 1 august?
Markets price in the future. The big dip we just saw was the market pricing in the risk of things not going to plan around SegWit. With today's news, that proved to be way too conservative, so price has come back up to where it was. This is the market price for where we are now.
Only thing that will drop it back down will be if Bitcoin actually does split. Which is looking less and less likely hence the price.
In this very moment, BTC's price is like a dog, waiting for us to throw the ball, keyed up like a spring that would like to burst. A split could mean to deny to throw the ball.
Haha, well when you put it like that! :D
Worst case. I hope that we won't see that one. The unhappy dog.
ahaha nice analogy
True, the next big day is 1 august and then november the real fud.
well and easy explained...thanks for that...
like to read your posts
cheers
No worries urs. I'm glad you can take something out of them.
I mentioned Your post in my recent one, like usual, I totally agree with You! Maybe You have a brief look at it: https://steemit.com/btc/@bongoking/btc-rocket-in-the-pocket-here-is-why-and-what-you-should-do
Thank you for the mention!
I'm glad we're in agreeance. I've given it a comment and upvoted.