koryu

Bitcoin consolidation phase within channel

BTCCHINA:BTCCNY   Bitcoin / Chinesischer Yuan
I speculate on a consolidation within the parallel channel , forming a handle after 3 year long cup / round bottom

Fundamentals update:

  • Hashrate skyrocketing 2,985,271,637 GH/s
  • COIN etf next news in march expected
  • India about to ban cash
  • Chinese exchanges want to add trading fees
  • "Bitcoin Enthusiast Peter Thiel Joins Trump Transition Team"
  • Scaling progress: Segwit and Parallel Validation
  • Lightning Network ready (needs segwit)

In case of breaking down the channel, I would expect longer bearish cycle.
Kommentar: daily cloud
Kommentar:
snapshot
Kommentar: “Blockchain technology is an extinction event to traditional financial institutions. Like the dinosaurs, a few will survive by morphing into agile birds at a small fraction of their previous weight and size, but most will just die.”
Kommentar: https://falkvinge.net/2017/01/26/impressions-satoshi-roundtable-iii/
Kommentar: btc hit its first target for this long consolidation move, cant break the old ath here at this time.
Kommentar: http://moneyandstate.com/the-true-cost-of-bitcoin-transactions/
Kommentar: even if china isnt leading anymore, this chart still shows the importance of the old china ath keylevel
Kommentar: something happening in china, charts catching up, 6% up already.
Seems like we break the old ATH line and have a large symmetrical triangle
snapshot
Kommentar: china catching up and going 5 digits with breaking the 10k cny and is now in uncharted territory
Kommentar: Impressive! Upper channel target hit, breaking out the channel could cause a 2013 style bubble.
Kommentar: with withdrawal enabled for chinese exchanges the volume is soaring and so is the price. China trying to reach a new all time high.
Kommentar: Bitcoin hitting 30k cny is another milestone as the channel upper line has turned into support and triggered a launchpad.
Kommentar: bumping this chart because its good to remember what happens after larges crashs: usually price ranges in the drop range for a while, most times it forms a triangle or another consolidation pattern within the range.
Since i being in India can you please tell me what does "India about to ban cash" mean ?

Thanks
Antworten
TahirKhan2a PRO TahirKhan2a
@TahirKhan2a, Also, Lightning Network is not ready, it just had a alpha release which is in the beginning of the process, lots and lots of work needs to be done for it to come to light.
Antworten
koryu PRO TahirKhan2a
@TahirKhan2a, about lightning network: yes alpha is ready and can immediately be tested on bitcoin’s main as soon as segwit activates. I guess it will be first on litecoin because bitcoin struggles to reach the 95%
Antworten
koryu PRO TahirKhan2a
@TahirKhan2a,

Newsmedia says India wants to ban cash and change to a biometric digital payment system by 2020.
There are many problems with the legacy digital payment systems like online banking paypal and stuff, when you deposit cash there, the "money" doesnt belong to you anymore all you got is an IOU from the bank.
Also linking all payments to biometric data makes everybody totally transparent, it brings massive problems. there is no freedom without privacy.


http://money.cnn.com/2017/01/19/technology/india-cash-biometric-payments-davos/
http://money.cnn.com/2016/12/15/news/india/india-digital-payment-cash-lottery/index.html?iid=EL
Antworten
@koryu, Yea, i do understand but dont expect India to be the same hub as China, not even close.
Antworten
koryu PRO TahirKhan2a
@TahirKhan2a, maybe not as big as china but I think india will be a huge market for bitcoin in future.

See the google trend in india is already on ATH while worldwide isnt: https://www.google.com/trends/explore?date=all&geo=IN&q=bitcoin

Also Vitalik came to India to promote ETH for some reason, India is important market!

Would be nice if you could keep us updated what is going on in India, with the rupee and bitcoin sentiment :)
Antworten
@koryu, In India, the regulations are more harder than China, one cannot buy/sell Bitcoin unless you have proof of ownership, which means that india cannot get btc from outside, it must be from india, sounds ridiculous but the volume in India has been increasing but the liquidity is kind of shit.
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