#Bitcoin breaking falling wedge for next leg up $BTC
As momentum reverses the trajectory of it is now a possibility that the lows of the bear market are behind us and 2019 may be very similar to the price action seen in 2015.
For now, it looks as though will likely be headed a little higher over the next few days. If it makes it above the center of the displayed here we may even be headed for a 50% retrace of the recent crash from $6000. The , in this case, may serve as an early warning system if the momentum stalls out. If it does I expect to move into a range as described in previous posts.
Look for:
$3750. Following that move I expect it to retreat to around
$3700 before the final move to
$3950.
After multiple failed attempts to close the gap to $3260 has now established a range with strong support around $3450 and strong resistance around $3950. This is very close to the range mentioned in my last post, 50$ higher as a result of the failure to close the gap.
The very strong momentum reversal measured on multiple timeframes indicates that we will not likely pull back much prior to the next move higher. The consolidation has broken to the upside.
It is significant also that the downtrend displayed in previous posts is now likely invalidated.
This move will also likely mean that there will not be a move to lower lows any time in the near future.
I expect to find resistance at $3950, however, if manages to break above the center of the uptrend shown in the chart, it will likely make a break for $4500 and eventually $4800 after lengthy consolidation.
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After weeks of preparation, (Bgold; BTG) is finally launching tomorrow, November 12, 2017.
bitcoin Gold is the second project to fork away from the bitcoin blockchain to create a new coin this year; on August 1, (Bcash) was the first. Where Bcash attempted to offer an on-chain scaling solution by increasing bitcoin’s block size limit (while removing the code), Bgold is an attempt to counter bitcoin’s mining centralization.
The most important difference between bitcoin and bitcoin Gold is a new proof-of-work mining algorithm. Instead of SHA256, the new coin uses the memory-hard Equihash proof-of-work function that’s also used in the privacy-focused altcoin. This means that specialized ASIC hardware that has come to dominate bitcoin’s mining ecosystem will not be able to mine Bgold.
Although Bgold is launching this weekend, the fork “officially” occurred on October 25. Anyone who held bitcoin (BTC) on that day (specifically, when bitcoin block 491406 was mined) will have an equivalent amount of BTG attributed to their private keys. These private keys can be imported into a dedicated Bgold wallet, which, starting tomorrow, will allow users to spend the coins. (But note that this does not come without risks and tradeoffs: If you’re not sure what you’re doing, it’s best not to ignore BTG until you do. For more information als see.)
Block 491407 on the Bgold blockchain will be the first block to deviate from the bitcoin protocol. In other words, this will be the first block where Bgold splits off to become its own currency. However, somewhat controversially, the first 8000 blocks will be privately mined by the Bgold team. Only after these 8000 blocks will Bgold’s mining difficulty ramp up to normal levels, and will anyone be allowed to mine the coin. The resulting 100,000 BTG worth of block rewards will pay for project development and more. (For more details, see the Gold roadmap
.)
Other changes implemented by bitcoin Gold are mostly to ensure a smooth split away from bitcoin. This includes a new difficulty re-adjustment algorithm named “DigiShield” that adjusts the mining difficulty each time a block is found — instead of once every two weeks. Bgold also includes strong replay protection, ensuring that no users spend BTC when they mean to spend BTG, and vice versa. Additionally, BGold implemented a new address scheme, preventing users from spending BTC to BTG addresses and vice versa.
bitcoin Gold will be supported by a relatively large number of exchanges, including major players like Bitfinex, OKex and HitBTC. Several of these exchanges are effectively supporting BTC/BTG trading already through futures markets. Ignoring an initially inflated price, these have traded at around 0.02 BTC in recent weeks, with a notable surge to about 0.042 BTC over the past few days. If this holds up, 1 BTG would be worth almost $250, and Bgold would immediately become a top-5 altcoin on websites like.
For more information on bitcoin Gold, see bitcoin Magazine’s on this project.
Disclaimer: The author of this article holds BTC and will therefore also own BTG at launch.
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