Bitcoin is breaking out again! After spending some time consolidating in the $1800 to $1840s, it soared to it's current price of nearly $1920! Let's see what's going on.
After consolidating for the better part of a day and building quite a bit of support at $1840, Bitcoin broke above support and rose to the $1850s where it consolidated briefly into a small triangle formation, then broke out of the triangle and blasted to $1920! It is pulling back to $1914 at the time of this writing.
I would expect price to bounce around a bit between $1920 and $1900 to build support at these new highs. However, if we take the "pole" of the triangle flag and copy it, the pole would reach from $1860 to $1930, so we could very well see the market test that level.
If we put a Fibonacci Retracement tool on this rise, we can get some ideas for buy zones. Look for entries at the .382 retracement($1873) to the .618 retracement($1845). It's important to note that the .618 retracement also lines up with support in the $1840s, so we could very well see a retest of this level in the coming hours/days. There is even more support at the .786 Fibonacci level($1830s), so we could even see a retest of those levels.
It's awesome to see Bitcoin gaining more users and more popularity. However, we are really in open air up here, so keep those stops tight. As always, trade safely.
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BTC: 1AbhUy1pDbrvTfMKW4uFTHRJ7gboTy3u5H
Monero: 47PwackL2h6H7myZVjMAKfGEViXEHsYgHUup28BeKtEEasYg9MxB5RtaUktb5AUK69YbQ28EYCEe1LTnYcz5AkmFRU1rPWk
Torcoin: TPr4HTYhjHm6XmCuzLDZu8QSCdrQU2y4LP
Burstcoin: BURST-PHKP-8ZVX-JRCB-H32ZR
Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
Everyone is reporting this news, wonderful, I'm happy to be a part of it.
Yeah, it's really awesome to see Bitcoin doing so well. Thanks for reading!
In my opinion Bitcoin will fail. Can you trust a currency that is reliant on vulnerable technology?? With the creation of a number of new competing cryptocurrencies being developed and eventually diluting the market. If a cyber attack occurred would your Bitcoin be safe. Would you intrust thousands of dollars to the system? How long before Government infiltrate this technology and causes it to fail? Why would Government do that? Because central banks will not tolerate a currency that they do not have complete control over, thats why. If they cause a failure in the system, then people will lose confidence in them, unless of course the federal government comes to the rescue and offers to insure the currency FDICA baby. Look what they did to Precious metals. The feds found a way to manipulate it and fix it. The banks simply print and sell enough paper contracts to dilute the market. Some say that there are up to 200 hundred paper contracts per ounce of gold. The silver and gold markets are easily moved by the simple push of a computer key. They must regulate it in order to keep the value of the dollar intact. The same is true with cryto. If they let the market run, paper currencies would diminish in value. Is it possible that the cryptocurrency was ordained by the central banks as a trail to see if people would buy into this type of monetary system? But for now enjoy the wealth it has created, just don't think they will let the party continue.
You should do some more research on Bitcoin. It is THE most secure network this world has ever known. It is many times more powerful than every supercomputer on this planet combined. That is why it is difficult to make changes to the Bitcoin protocol. It's a feature, not a weakness. No government on Earth can do ANYTHING to the Bitcoin network. That IS why it is so valuable. That is why it is digital gold. That is why we trust it.
Good luck. I have to say I am impressed with BC and I love the fact that it is not regulated. Big brother always kicks over the blocks after you stacked them so neatly .
I agree about Big Brother. I just don't think there's anything they can do this time. It's already to big and too powerful for them to attack it. Hell, Bitcoin has been attacked every day since 2009 and it gives not one shit. It just keeps on trucking.
These are words of Konstantinos Karagiannis
CTO, Security Consulting, Americas, BT.
But is it safe?
My RSA 2017 talk, “Hacking Blockchain”, includes a fair amount of time explaining historic and current attacks faced by all implementations of the technology. A lot of these attacks are old school, focusing on supporting technology and not on the blockchain itself.
Consider attacks against credentials used at an online cryptocurrency exchange. Such exchanges act as hot wallets, or storage of funds available for transacting online at any time. Traditional authentication hacking of these sites can lead to illegal transactions. Some attacks are even more creative, such as the ability to force a cold or offline wallet to become hot and therefore a target for fraudulent transactions.
The major issue I cover, though, is the inherent flaw on page one of Satoshi’s paper. That elegant if pesky line about “computationally impractical to reverse” transactions. You see, the crypto behind cryptocurrency is actually public key. We are likely less than three years away from this being completely hackable by a quantum computer.
Facing reality.
Fantasy? Hardly. Labs around the world have already proven that quantum computers can run Shor’s Algorithm and almost instantly find the private key of a public key pair even 4,096 bits long. Because of how public key works in most blockchain implementations, including Bitcoin, this would mean any time a transaction occurs, a quantum computer has everything it needs to obtain a user’s private key. Spend a single cryptocoin, and any entity with a quantum computer can download that currency’s blockchain, see your transaction, and in a few moments spend the rest of your funds.
The threat seems even worse if you consider blockchains designed to prove ownership of land or other critical identity-related transactions. A private key attack here can lead to an irreversible type of identity theft, at least within that blockchain ecosystem.
The NSA has already warned against the use of non-quantum-safe encryption. Its’ time to realise we may be rushing towards putting everything on a digital house of cards rather than an unbreakable chain. Let’s fix blockchain’s inherent flaws now, before it’s too late.
If you want to see our Blockchain demo in person, why not visit Innovation 2017, our technology and innovation exhibition taking place in June.
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Hardware wallets solve half of that, if it's true. The main weakness in your comment is the exchange, but we all know that.