Bitcoin price reversed to the downside after a failed attempt on the resistance ceiling. As it turns out there are negative elements among the Core developers – further biasing price to the downside..
Bitcoin Price Analysis
Time of analysis: 15h30 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Negative social mood will pull any commodity down. Last night, a tranquil Saturday night on the Andaman sea, I sent the following truncated message to the Bitcoin-developers list:
Sincere gratitude to the core developers and all Core contributors.
Despite pervasive negative social mood towards this group and its
productive output, Bitcoin continues to improve in its security, the
efficiency of its network and its prospects for the future as Layer 1
of a thriving censorship-resistant asset-based economy.
The message was never seen by the list. Instead the positive sentiment was confronted with officious pontification over why the message should not be allowed to the list by petty English conformity-society standards, lead by newly appointed gatekeeper BTCdrak.
BTCdrak was not alone in his judgment: a group of developer-list moderators blocked the positive sentiment, pointing this analyst to the silly bitcoin-discuss list instead.
In the face of a potentially coin-destroying hardfork, if you try to encourage the core worker and a bureaucrat blocks your intention, that is a sign of something being fundamentally wrong.
Bitcoin price tends lower after a failed attempt at a push toward overhead resistance. With even the core developers now at the mercy of officious negative sentiment, there is only one direction for price and that’s down.
Bitfinex Depth Chart and Buy/Sell Volume
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