Fundamentals: Bitcoin -6.95% Core is dying a slow death as morons continue to debate the situation of fees and transaction times. The solution has been here for months and its called Bitcoin Cash 23.58% . All you have to do is compare two transfers on each chain and your logic will shift in a matter of minute. BTC $30 USD vs BCH $0.02 USD. Not only is Bitcoin Cash cheaper to send, but you will be able to send multiple transactions in the time it takes to send a single Bitcoin Core transaction. Over the last couple of days, it appears the masses are starting to take notice of these fatal flaws in the Bitcoin Core SegWit upgrade path. As a result the value held in Bitcoin is flowing to Bitcoin Cash.
Technical Analsys: A complete Elliott impulse wave set has completed over the last month and we will now follow through with an ABC corrective wave. Expecting first bounce and H&S baseline to confirm , around $14,300 USD. Following the bounce - the next supports should fail and I will be looking to buy at around $11,000 depending on the Bitcoin Cash 23.58% situation at that point in time.
It doesn't take a genius to figure out that Segwit versus bigger blocks is like saying that file compression is stupid and we should all just clog the internet up with large downloads just to view a webpage and spend heaps on extra storage, etc... Throw away your mp3's, online gaming and digital movies! lol. Segwit is a smart way to scale, along with the lightning network, the idiots developing B-cash cannot be trusted.
CryptoStrategies
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@AussieCrypto1, That argument is nonsensical. You want to run this revolutionary technology that is meant to change the world, on 1mb floppy disc sized blocks xD
We can buy terabyte sized memory sticks at a very affordable price nowadays, thats not even getting to the size of affordable HDD's. Moores law dictates that the amount of transistors in a dense integrated circuit doubles every two years; therefore storage is not an issue. The issue is high transaction fees and slow transaction times.
I'm just going to leave this link here: txhighway.com
kayton.marshall
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@CryptoStrategies, Also the fact that you can only mine on a single company's rig is a huge issue. how you develop a major cryptocurrency and monopolize the mining to just Asic rigs is insane.. seems to defeat the entire purpose of a decentralized cryptocurrency if you make it entirely dependent on a single entity like that..
CryptoStrategies
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@kayton.marshall, Yes ASIC miners are compatible with mining Bitcoin Cash because its exactly the same as Bitcoin. Show me the proof that only ASICs can mine this coin - that is a false statement.
kayton.marshall
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@CryptoStrategies, from a technical standpoint yes you could use GPU's to mine BTC/BCC but they are no where near profitable.. BTG and a whole host of other coins address this as a fundamental flaw with both btc and bcc. Thats just my opinion though its not worth much. I agree that BCC is a better coin than BTC but i think they both are fundamentally flawed at the moment.
UnknownUnicorn981629
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Nice chart and use of wave analysis. Anxious to see how it plays out.