The 140ish level has been a real pain in the ass for ETH’ the past weeks. The past days it has been weaker than as well, which is something we have not seen much during sideways movements the past few rallies. There is a lot of noise in the market now, the big crypto’s or simply not taking a direction and are moving sideways. My bitcoin’ analysis from a week ago, there was a very realistic chance for a good rally coming period, but i asked for some good movement for the past week. We had a good start, but the past days has been a lot of sideways movement. Been several attempts from the bulls, few moments where there was a lot of big buying going on, but the bears just kept throwing in sell walls which stopped each rally.
I am not that confident about short term movement, ETH’ looks very weak at the moment. Moving below that blue curved line for days now. If we see that line break, we could see something happen again, maybe another attack of the 140ish level. Now since this 140 level has been such a big (neckline), we should see a big jump up when it breaks. If we don’t see a big jump, i would be very careful with long positions.
Bigger picture: there is room for another drop towards 120ish and keeping that triangle intact. Because the last rally got stopped again around 160, this triangle could be real. If the bulls are able to touch it one more time, i think the chances will be like 80% that it will break it eventually. A third touch is usually a sign that bulls are in control, like a hidden sign.
Short term, as long as we stay below that curved line, we have to assume we could see a drop again to 115/125. I think if it drops, probably be below last weeks low, so closer to 120ish. If we break the blue curved line, we should see an attack on the 140 zone. I explained above what we need to see if it happens.
It only seems like a couple of days ago that we were all huddled around our computer screens in nervous anticipation. The countdown tickers onscreen marked the inexorable march towards an event that could change the world. Fingernails were being bitten down to bloody stumps, until finally… zero hour!
So much has happened since then that… What? It was only a couple of days ago! Oh, so did anything happen?
Not Immediately
The alotted time came and went, but there were no signs of any action. So we kept waiting. Twenty minutes later we got confirmation that the split had occurred. But that didn’t make much difference. So we kept waiting.
Half an hour after that we heard that bitcoin Cash balances had become active on the Bittrex exchange.
It seemed like everyone we knew wanted to dump BCC, but the rush to do so meant that it was next to impossible to access any service by which that was possible.
The quoted price was fluctuating between $420 and $214, but at that stage, we still didn’t really have anything solid to base this market value on.
A lack of hash-power and the refusal of blocks under 1MB in size meant that the bitcoin Cash blockchain was stubbornly refusing to move. However, while this was going on (or not going on), the bitcoin blockchain just kept pottering along as though nothing had happened. Because of course, it hadn’t.
still no fork on the blockchain. It might take a while because of so little hashing power focused on finding >1mb blocks
Could This bitcoin Cash Thing Fall at the First Hurdle?
And we kept waiting. Several hours later we got confirmation that the first BCC blocks . And then the pump began.
Prices surged, at one point topping $750. But we still couldn’t identify any real human beings who had been able to sell. Certainly, many Bitcoinist staffers were desperately asking where it was possible, but all avenues seemed to be blocked.
Site access was crashing under the weight of logins, wallets were “down for maintenance”, and exchanges were telling us all just to calm down until they could ascertain BCC’s viability.
BCH deposits + withdraws may not be available for several days. We won't enable funding until we think it's safe.
The price came back down but has remained between $300 and $500, which is pretty impressive really. The value of your bitcoin plus your bitcoin Cash is more than the value of your bitcoin alone used to be. Nobody can complain about free money.
bitcoin prices dropped very slightly just prior to the split, but all that did was correct the slight surge it had experienced in the days leading up to it. It’s now holding pretty steady (in bitcoin terms) at around the $2750 mark. Back to a sustainable growth value.
Here at Bitcoinist Towers we are still trying (and failing) to sell. Confirmations are taking around two hours and are expected to continue at this rate for the next three months until the hashing difficulty is recalibrated.
will mine around one block every 2 hours for the next three months.
Well, we may see another boost in interest if miners don’t follow through with the 2MB block size increase to bitcoin Classic (don’t make me call it that) in November.
Other than that, whether BCC steadies or drops out of sight depends on how many people get behind it. For now, it is holding its own. It is still the fourth biggest cryptocurrency by market cap, so maybe now isn’t yet the time to bet against it.
The only other thing that remains to be seen is whether Coinbase can get back a decent percentage of the after their decision not to support the new token. Perhaps not a great idea, for a company looking for a new round of investment.
How did you fare after the hard fork? Were you able to sell your bitcoin Cash or are you holding on to it? Let us know in the comments below.
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