Bitcoin Trend 05-10-2017 Midday Update / Bitcoin Gold Hard Fork 25 OCT

Bitcoin Gold (BTG) plans to hard fork the cryptocurrency on October 25, creating another version of bitcoin in the process. The project was first made public back in July and was created by Jack Liao, founder of Lightning ASIC, a mining firm from Hong Kong. The fork will include the adoption of a new protocol that will change some of the consensus mechanisms relating to bitcoin. The result is that miners would be able to go about mining for tokens in new ways.

BTG will make use of the Equihash algorithm that Zcash uses, rather than Bitcoin’s SHA256 algorithm. Anyone who holds Bitcoin on October 25th will receive Bitcoin Gold at a 1:1 ratio in Bitcoin Gold supported wallets.

This hard fork is expected to create FUD (fear, uncertainty and doubt) which will drive many people to sell their Bitcoin hence dropping its value.

• Bitcoin price falls under negative pressure and will try to
  test 3776.00 level..

• EMA50 support for the rest of day the bearish trend..

• Breaching 4350.00 level and holding above it, will stop
  the expected decline..

Expected trading
for the rest day is between 4000.00 support and 4500.00 resistance..
Expected trend for the rest of day: Bearish for the rest of the day..