Buy: market ($9393)
Take profit: $12000
Updated Stop-Loss: $8100 (08.11.19)
Closed with Stop-Loss, loss is about 14.04%
Bitcoin is a publicly-owned, digital form of currency that uses cryptography (information security algorithms) to send and receive payments securely. Transactions approved through nodes and historically stamped in open-source ledger.
We assume that negative news regarding PayPal, Visa, Stripe and MasterCard exit from Facebook's (NASDAQ: FB) project Libra are already included in the current exchange rate, as well as SEC lawsuit claim on Telegram Open Network. In case of any positive news on the following crypto-projects, the price for Bitcoin is going to appreciate.
In May 2020, the Bitcoin network is going to conduct Halving. After the event, miner's reward for each block will be two times less than today. Instead of 12,5 BTC, all network participants will receive 6,25 BTC. When this occurs, one of two things will happen: miners will simply give up, or they will refuse to sell bitcoins generated at a price below $11,000, what tells us in favour of Bitcoin mid-term investment.
CONTROLLED BITCOIN EMISSION
Reward for generated blocks in the network is cut in half every 210 00 blocks (approximately every four years). This process is called halving.
Reward for generated blocks:
- Supports fair and transparent bitcoin distribution
- Stimulates miners to approve transactions, which leads to enhancement of hash rate in the network
- Saves the economical scarcity principle for native currency (bitcoin) what makes it more attractive for investment goals
Breaking the downturn trend line
Correction from last movement more than 50%
AO is in the positive zone on 1D chard
High chance of correction after a fast increase
Bulls are having trouble to gain a foothold higher than $9 500, attempts during Saturday and Sunday (27 and 28 October) led to massive sale from $10 500 and $9 800 levels
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