I’m going to start off this blog post by explaining a couple of changes in the crypto currency space in layman’s terms. The only foreign technical concept that you really need to grasp for this post is that bitcoin had an update in their technology in the form of a SegWit early this month. Basically, a SegWit (short for Segregated Witness) allows for more efficient transactions. It is shortening up the digital code being sent from peer to peer while still maintaining the integrity and security of the bitcoin. Think “harder, better, faster, stronger”. Before the implementation of the SegWit into bitcoin’s network, there was a very strong resistance point in the value of bitcoin in the $2900 to $3000 dollar range. Anytime the price got close to this range, it would have a significant fall out shortly after hitting this peak. Figure 1 below shows just that over a relatively lengthy duration of time.
Finally, the SegWit was implemented on Tuesday August 8th. All of the installation and beta testing for the tech was a huge success, and that success resulted in bitcoin taking off and punching through the 3k resistance barrier like a rocket. New all time highs were happening for an entire week and it didn’t slow down until it demolished the 4k mark and even got up to the $4400 – $4500 range for a short duration. The 4k mark has been a support line ever since. There were only 2 brief hiccups where bitcoin’s value actually dropped below the 4k mark albeit for only a matter of minutes (See Figure 2).
Pre SegWit Transaction Week With 4k Support
This coming week, the first “LIVE” SegWit transactions will be taking place on the bitcoin network, and this will fortify the strength of bitcoin and give it more room to grow off that 4k support line. SegWits have been fully operational in other crypto currencies like Litecoin without any incident. Everything is falling into place as planned and leading towards the end game goal of the Lightning Network which will allow for instant transactions with bitcoin. All things are pointing north and I personally don’t think you will find a better buying opportunity than now at this $4000 – $4100 range for the next 2 months. All these factors combined are why I’m so confident in bitcoin as an investment RIGHT NOW! So take it for what its worth, but…
IM ALL IN!!! …
AND IM A BANKROLL NIT!!!
Written by BUTomCat
https://wordpress.com/read/blogs/134382728/posts/18
8/21/17
