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Bitmain to sacrifice Bitcoin Hash!

Bitmain to sacrifice Bitcoin Hash!

November 16, 2018 7:14 am,

When Bitcoin price flatlined near $6500, in mid-October, many crypto analysts predicted that the bears had finally become winded the following a market downturn that has persisted for nearly a year. But, Willy Woo does not believe in this rosy future of BTC. He says that he does not expect the BTC price to find a floor until the 2nd quarter of 2019, meaning that the market could face another 7 months of downward pressure before conditions improve.

Bitmain directly controls the operations of BTC.Com, they effectively control as much as 25.9 percent of the total BTC mining space. And they plan to use part of this computing power to tackle BCH SV’s ammunition. BTC mining has a risk in response to declining hash rates. But this is a risk Bitmain might be willing to take.

Nikolay Storonsky, CEO and co-founder of Revolut Ltd., a digital banking provider with a user base of two million, told that now the large institutions are showing little interest in the digital assets. Any new technology takes time to catch up and become relevant to anyone and it seems that Blockchain might take a little longer. One venture capitalist believes that with mass adoption of BTC, people will likely switch from fiat currencies.

BTC/USD

The dip below $400 is showing lower levels. However, it is facing overhead resistance from both moving averages which indicates that buying dries up at higher levels. Positional traders should avoid trading when the ranger is tight and shrinking. A large well-defined range provides an opportunity to buy low and sell high, however, the BTC/USD pair is not allowing such an opportunity. If the bull pushes the price above $6,831.99, the currency is likely to invite short covering, propelling the price further to $7400 and above that to $8,400. On the other hand, if the bear breaks below the critical support of $5,900, it might result in panic selling dragging the pair to lower levels of $5000 – $5450. Therefore traders can keep the stop loss on their long positions at $5900.

ETH/USD

Ethereum isn’t showing any signs of a trend. The investors aren’t looking to trade at the current levels and the new money doesn’t want to enter until there is a trend. So the price the moving averages and the RSI are all flat. The 1st sign of trend will be it to escape the tight range of $188.35-$249.93. An upside breakout will indicate that the bulls have the upper hand and new uptrend is likely.

XRP/USD

Ripple is finding sustenance just above the moving averages, which is a positive sign. The moving averages continue to gradient up, with the RSI in the positive territory. This confirms that the bulls have the upper hand in the short term.  XRP is down by 9.17%, trading at $0.45 with a market cap of $18.2 billion. The total volume was $1.17 billion.

BCH/USD

Bitcoin cash has dragged back from the overhead resistance at $660.0753. If it breaks $500, the upward move will lose strength.