empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

09.11.201710:22 Forex Analysis & Reviews: Bitcoin analysis for 09/11/2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

A message from Mike Belshe, the chief spokesman, said it was "clear" that the project "did not reach enough consensus to make a clean upgrade of the blocks right now." Belshe's post states that "the Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners." Belshe adds that "Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit's successful activation." Moreover, Belshe states "our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together." Belshe concedes "it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin's growth. This was never the goal of Segwit2x."

SegWit2x met with great opposition from the entire Bitcoin community, and several of its followers were under pressure to justify their decision. No replay protection - a mechanism to prevent accidental use of coins on both chains - was the main criticism that even Nick Shabo had opposed SegWit2x.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The sudden drop from a new high at the level of $7,886 did not result in a technical support violation of the level of $6,987 yet. The top might be labeled as the wave (v) high and the overall impulsive cycle from the level of $2,956 termination, despite the fact, that the projected target at the level of $8,356 has not been reached yet.

Exchange Rates 09.11.2017 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off