Technical analysis Bitcoin BTC/USD - 12.11.2017

in bitcoin •  5 months ago

This week the markets were told of the SegWit2x process suspension, which was to double the size of the block.

Suspension was announced in an email by Mike Belshe. He reported that SegWit2x was suspended due to a lack of consensus on the network.

The response to these reports was reaching new peaks by the BTC, and after that a strong correction that continues to this day. Many investors were hoping to get more free coins after another fork.
In addition, at present, the Bitcoin network has overdue more than 174,000 unconfirmed transactions with an increase in fees.

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Capitalization of the cryptocurrencies market has decreased to 199 billion USD, of which BTC's dominance is currently almost 51.5%. It decreased by about 11% within a week.

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Bitcoin, since 2X suspension has been announced, notes continuous decline in favor of Bitcoin Cash. This can be characterized as one of the largest capital migrations in the cryptocurrencies market. BCH, the alternative Bitcoin cryptocurrency developed in August during the fork, doubled its value within 24 hours after announcing the SegWit2x information. Within two days its value has increased four times. Many speculators have argued that it is Bitcoin Cash that will now be the main bitcoin. At one point, BCH jumped to second place in the cryptocurrencies ranking while for a long time people were debating when Ethereum would become that number one. Vitalik Buterin, creator of ETH, wrote his congratulations on twitter.

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Coming back to the charts. A week ago, we reported a potential TP of 7775 USD and a possible bigger correction from this level. The end of the correction was set at around 6500 USD. Looking at the graph below you can see that level 7775 was hit, but the correction reached levels much lower than we expected. We arrived to a place from the Bitcoin Gold fork. Our long position from $ 5200 was closed on a stop loss hedge at 7000 USD, generating a profit of 34.6%.

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It seems that this may already be the end of the correction. This place is a lifting of 50% of the total growth of the impulse ongoin till 15th September.

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The upward trend is continuing in the long run. Below we present a scenario to join the upswing. Buy after pounding 6350 USD and his test from the top.

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