The price of Bitcoin is not only at the end of a Triangle Pattern, but at a crossroads. Positive for the Bitcoin course, the growth of SegWit transactions is, without a doubt. The Libra-ban in Germany, the impact on the crypto-market, however, remains exciting.
Of Bitwala Trading Team
17. September 2019BTC$to 10,224,05 0.63%part Facebook Twitter LinkedIn xing mail
The Bitcoin is subject to rate extremely low volatility within a large, down Triangle, point Pattern. The EMA bands have lost in this sideways phase with a falling volume of its importance.
BTC/USD-weekly chart
The weekly chart is discussed on the example of the value-pair XBT/USD on the exchange Kraken.
there are two interesting scenarios we want to take a closer look at the long-term development of the Bitcoin price. The current market is often compared with the beginning of the bull market in 2015. As you can see in the above weekly chart, there are good reasons for this:
by the end of 2015, the Bitcoin price is above the EMA broke up the Band and formed a triangle, which is the price movement of the last few weeks resembles. In this triangle the great, until the end of 2017-lasting bull market on the castle then.
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however, There are also less bullish interpretations: So many to compare the current Situation with the downward-pointing Triangle Pattern of 2017/2018. The movement in this Pattern, introduced in mid-November of 2018, to a dramatic slide in prices.
Which of the two scenarios occurs, we should soon be able to see clearly: The current Triangle Pattern is almost carried out completely, so to expect a dramatic price movement.
BTC/USD-monthly chart
The month is discussed chart in the example of the value of pair BTC/USD on the exchange Bitstamp.
A look at the stochastic RSI in the monthly chart suggests, meanwhile, Similarities between the current price movement and the beginning of the bull market by the end of 2015: In both cases increased the RSI abruptly from 20 to 80. At the same time the Bitcoin price crossed the EMA Band. In the year 2015 started with a big bull market, so it is for the above bearish forecast in Spite of, reason to hope.
growth of the SegWit transactions
another reason for hope: SegWit transactions have reached an all-time high and now make up more than 50 percent of the Bitcoin-payments. The introduction of Segregated Witness will lower the price of On-Chain transactions on the Blockchain. Transactions take up less space in the Block, so more can be processed and confirmation times for Bitcoin transactions are reduced.
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100 percent of the Bitcoin transactions Should use SegWit, it would mean that the blocks would need in the current usage, only a quarter of the square.
Germany banned Facebook Libra
However, not only positive News to determine the crypto market: France and Germany, the introduction of Libra in Europe in the way. In your opinion, you are not convinced “that these risks are adequately addressed”. Olaf Scholz, and Bruno Le Maire agree that a private company has no right to its own currency.
Also on the part of the Swiss Central Bank Libra with respect to various regulatory issues will be examined strictly.
what is Interesting is the contrast to the criticism of Bitcoin: One of the classic is against Bitcoin criticism points is its volatility. Now, governments and Central banks but also against Stable Coins with Fiat money, Gold and government bonds.
Disclaimer: The information on this page is the illustrated rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.
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Charts on 11. September 2019 using trading view created.
USD/EUR exchange rate at the time of writing: € 0.91.
The Market Watch has been posted from the Bitwala Trading Team. Bitwala provides the easiest and safest way to buy Bitcoin directly from a Bank account and to sell. More info here.
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study: 72 percent of Germans close Bitcoin payments from Libra-Meeting in Switzerland: A long way for the Facebook Coin Ripple-chief long on Bitcoin is “” The freedom of speech ECHO#Bitcoin#Libra#SegWit
