The market continues to be ambiguous and slightly red regarding bitcoin
July 21 ’18 Daily Rate
Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge
Rick Falkvinge, a prominent Bitcoin Cash [BCH] proponent, said that the much-anticipated Layer 2 solution or the Lightning Network project is a “dead end for all intents and purposes”. According to Falkvinge, the so-called solution failed to provide solutions for some of the major problems plaguing the Bitcoin network since the past year. In a recent video, Falkvinge claimed that unlike a normal project, whose completion time decreases over time, the LN project’s completion time has only increased over time. Backing his claim that the Layer 2 solution would never be project ready, in his presentation, Falkvinge pointed out that in late 2015 or 2016, the Lightning network was just six months away, but in 2017, it was announced that the project was 18 months away. However, no updates were revealed the year after that. The founder of the Pirate Party, who has been a huge critic of the scalability solution project, outlined eight problems with the Lightning Network back in February last year. He also opined that the concept of Watch Tower was fundamentally wrong. Talking about deploying watchtowers to monitor on-chain transactions on the network, Falkvinge said that it was an unnecessary complexity. One of the problems that he noted was that the users must be online to receive funds. Falkvinge said that the “so-called” solution that LN presented over the past 12 months is that in place of users, a third-party ecosystem called “watch towers” would be online to detect possible threats and other malicious actors and neutralize it. According to him, this is not a solution as Bitcoin does not require “anybody” to be online for a transaction to settle. He also spoke about the legal liability associated with Lightning Network nodes. He stated that when a user on the network deposits money into a channel with another user, the individual starts acting like a bank and that bank requires a license to run. This is where the legal liability comes into the picture, he said. Additionally, calling it a design flaw in the Layer 2 solution, Falkvinge said that there would be no cold storage and the users on the network wouldn’t be able to store funds safely. The post Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge appeared first on AMBCrypto.
Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar. The price declined sharply below $3,950, but dips remained supported above $3,900. There is a crucial bullish trend line formed with support at $3,920 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair remains well supported on dips near the $3,920 level and the 100 simple moving average (4-hours). Bitcoin price is still in a strong uptrend despite recent bearish moves against the US Dollar. BTC/USD is likely to find a solid buying interest if it dips towards $3,940 or $3,920. Bitcoin Price Weekly Analysis (BTC) This past week, there was a decent upward move above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $3,940 support level and finally broke the $4,000 resistance level. Buyers pushed the price above the $4,020 resistance and a new monthly high was formed at $4,064. However, buyers failed to hold gains above $4,020, resulting in a sharp decline below $4,000. The price dropped heavily and broke the $3,960 and $3,940 support levels. There was even a spike below the $3,900 support and the 100 simple moving average (4-hours). Having said that, buyers defended the $3,900 support and the price bounced back sharply above $3,940. There was a break above the 50% Fib retracement level of the last decline from the $4,064 high to $3,869 low. The recent recovery was solid, but the price faced a strong offer zone near the $4,000 resistance. The 61.8% Fib retracement level of the last decline from the $4,064 high to $3,869 low also acted as a hurdle. At the moment, the price is consolidating below the $4,000 resistance. Besides, there is a short term connecting bearish trend line in place with resistance at $3,990 on the 4-hours chart of the BTC/USD pair. A clear break above the trend line and $4,000 could open the doors for a fresh upward move. On the downside, there are many supports near the $3,940 and $3,920 levels. There is also a crucial bullish trend line forming with support at $3,920 on the same chart. Looking at the chart, BTC price is clearly well supported on the downside near the $3,940 and $3.920 levels. As long as the price is above the $3,900 support and the 100 SMA, there are chances of a steady rise in the coming sessions. Buyers may wait for a clear break above the $4,000 and $4,020 resistance levels to gain control. Technical indicators 4 hours MACD – The MACD for BTC/USD is slightly placed in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level. Major Support Level – $3,900 Major Resistance Level – $4,020 Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored was last modified: March 24th, 2019 by Aayush JindalThe post Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored appeared first on NewsBTC.
ETH price declined recently, but it found a strong support above $132 against the US Dollar. The price recovered and it is now facing a solid resistance near the $137-138 zone. There is a major breakout pattern formed with resistance at $138 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to accelerate higher once there is a proper break above $138 and $140. Ethereum price is aligning for the next move versus the US Dollar and Bitcoin. ETH/USD will most likely climb higher as long as there is no close below the $132-133 support area. Ethereum Price Analysis After forming a stop near the $144 level, there was a steady decline in ETH price against the US Dollar. The ETH/USD pair declined below the $140 support level to move into a bearish zone. Later, it found support near the $135 level, but buyers failed to hold losses. Finally, there was a downside break below the $135 support and the 100 simple moving average (4-hours). The price declined below the $134 support and traded close to the $132 support area. Recently, the price recovered and moved above the $135 level. However, the price seems to be facing a strong resistance near the $137-138 area. At the moment, it is trading near the $135 level and the 100 simple moving average (4-hours). An immediate support is near the 50% Fib retracement level of the last wave from the $132 low to $138 high. More importantly, there is a major breakout pattern formed with resistance at $138 on the 4-hours chart of ETH/USD. The triangle support is near the $134 level, below which the next key support is near the $132 level. It seems like the price is preparing for the next move either above $138 or below $134. On the downside, there are many supports near the $134, $133 and $132 levels. Therefore, there are high chances of an upside break above the $137-138 resistance area. The above chart indicates that ETH price is likely to climb above the $137-138 resistance area. In the mentioned bullish scenario, the price could even break the $140 resistance and revisit the $144 resistance area. The next key resistance is near the $148 level, followed by $150. On the flip side, if buyers fail to push the price above $138, there could be a downside reaction. A break below the $132 support may call for a test of the $130 support. Technical Indicators 4 hours MACD – The MACD for ETH/USD is currently flat, with a few positive signs. 4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a bearish angle. Major Support Level – $134 Major Resistance Level – $138 Ethereum Price Weekly Analysis: Buy ETH With Break Above $138 was last modified: March 24th, 2019 by Aayush JindalThe post Ethereum Price Weekly Analysis: Buy ETH With Break Above $138 appeared first on NewsBTC.