Posted in: Archive
Published:
May 11, 2015 9:12 PM UTC

Bitcoin Price Drawing Sideways

Bitcoin price has been drawing sideways near 1500 CNY and $242 during the past 24 hours. At the time of writing a wave to the upside is developing but it looks suspicious. This analysis is provided by xbt.social with a 3 hour delay. Read the…

Bitcoin price has been drawing sideways near 1500 CNY and $242 during the past 24 hours. At the time of writing a wave to the upside is developing but it looks suspicious.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Price Analysis


Time of analysis: 16h39 UTC

BTC-China 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

From the analysis pages of xbt.social, earlier today:

Clearest in the BTC-China chart, there are buying spikes that may herald a move higher. The price pattern is slanting upwards, and a break out of the range could see a larger move.

Let’s beware that this is not a price hook to the upside that may be setting up a drop!

We keep our eyes on the corrective range and the larger timeframe moving averages.

Shooting the breeze in today’s flat price action:

Block Chain and Bitcoin Price Fundamentals

There is an ongoing debate amongst the Bitcoin developers regarding the best way to increase the payment network’s capacity. One way (being promoted by Gavin Andresen and Mike Hearn) is to increase the block size. The implications of this are that the average person will no longer be able to run a Bitcoin core node and with this comes implications of increased centralization. Hence, the debate is critical to the future of Bitcoin and its “fundamental” valuation.

Today, an interesting proposal came from Sergio Lerner – an excerpt is quoted here – a link to the full message is provided below.

In this e-mail I’ll do my best to argue that if you accept that
increasing the transactions/second is a good direction to go, then
increasing the maximum block size is not the best way to do it. I argue
that the right direction to go is to decrease the block rate to 1
minute, while keeping the block size limit to 1 Megabyte (or increasing
it from a lower value such as 100 Kbyte and then have a step function).
I’m backing up my claims with many hours of research simulating the
Bitcoin network under different conditions [1]. I’ll try to convince
you by responding to each of the arguments I’ve heard against it.

The full proposal can be read here:
https://sourceforge.net/p/bitcoin/mailman/message/34101740/

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Summary

Bitcoin price looks to setting up a move out of the corrective range of the past few days. The longer-term chart is in consolidation, so we do not expect a massive price wave at the moment. A break higher or lower will offer some relief.

Bitstamp orderbook depth and Buy/Sell volume:

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.

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Last modified: January 25, 2020 11:06 PM UTC

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.

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