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Bitcoin might split in two
The Bitcoin surged 160% this year as more and more people become attracted to its cyber shine. Some crypto adepts advise other traders to brace for extreme swings and troughs in the BTC/USD movement towards the end of this month as the conflict between the Core (Bitcoin’s developers) and miners will soon be resolved (or not).
I bet while trading BTC you’ve probably never heard of their scuffles. No wonder, these were largely behind-the-scenes wrangles that lasted years. Behind them is an ideological split about coin’s rightful identity. One part of the crypto community wishes the Bitcoin became an asset like gold, another one wants it to act as a payment system.
The blockchain has a limit on how many transactions it can process. As the BTC’s popularity grew, transaction times and processing fees climbed to record levels making the blockchain less effective than other payment systems like Visa Inc. The two parties playing the major roles in BTC’s upkeep suggested two solutions to the following problems.
The Core, a group of developers responsible for upholding BTC’s cyber security, insisted on processing some of the blockchain’s data outside the main network (the proposal was called SegWit). They claimed that is the only way to reduce congestion. But the removal of the data from the blockchain significantly diminishes the influence of miners who have invested lots of money on giant server farms.
Miners acting generally against the establishment of SegWit technology agreed to support it on a condition that the overall block size will be increased. This proposal got the name of SegWit2x (includes implementation of SegWit and increase of the block size limit).
Some advocates of the Core’s proposal push another agenda called UASF which would reject transactions that are not compliant with SegWit. If most of the miners fail to adopt SegWit by August 1, two versions of bitcoin will be created. This event will certainly send a bunch of shockwaves through the $41 billion market. We just wanted you were beware of such moves and take precautionary measures beforehand.
BTC/USD tested levels around $5880 yesterday, the lowest level since the end of June. However, the cryptocurrency didn’t stay low for long.
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