What's going on with Bitcoin? According to multiple reports the mempool is getting cleared up fast and 50 satoshis per byte transaction fees are the norm now!
Via Armin van Bitcoin
Reports cite Segwit mass adoption, Lightning Network and bundling of micro-transactions by bigger parties/exchanges.
Lightning Network, you say? But isn't it still in heavy development phase? Apparently not, as the reddit user btc_throwaway1337 made a real purchase of physical goods using the Lightning Network. He claims it was fast, painless and free.
Along with his story you can find proof, that the transaction cost was $2.40. Note the transaction itself was fee-less, but there has to be a fee for creating that payment channel. Don't know the logic behind channels and Lightning Network? Hit up my recent post for regular earthlings here.
Seeing as that transaction cost $2.40 6 days ago, with 119 sts/byte, imagine it today with the empty mempool.
Catch up on the whole che-bang here on reddit
Why could the price of SBD keep outperforming STEEMUSD?
In this article, we will only take a look at the technical analysis. As a daytrader, who has been baptized heavily in the markets, there have been several patterns that have a much higher probability of working and hitting their targets, than some others.
Head & Shoulder patterns, for example, are considered one of the most unreliable patterns of all time. Everybody sees them, everybody maps them and they fail most of the time.
But here comes the batman pattern to help us out. It's essentially nothing more than an unshapely H&S pattern, but it often seems to work as a continuation pattern as well in addition to working as a reversal pattern - opposed to H&S, which is mostly a reversal pattern. I still haven't made my conclusion about this, but this pattern almost always points higher. Let it be noted, that i have at least one misarable failure as well with this pattern. Le'ts see some examples:
But what almost always gets the price moving, are price compression patterns. Compression patterns are triangles, wedges, where price gets compressed into less and less space until it has nowhere else to go than explode out of it's range.
And here we get to the SBD chart
As you can see, the price of SBDUSD has been compressed into a wedge-like formation. We briafly discussed this with some our mates, for example @bulleth, but to be honest, i personally thought that we would compress even more. How do we measure the targets of wedge breakouts? Well, according to some Legendary traders (i'm looking at Dale Pinkert here), wedges almost always retrace 100%. Whoa! This would make the around 18 SBDUSD!
Quick review of some of my old charts tell this pattern with it's breakout has a high success rate of reaching it's target. The target is NOT often reached in an explosive manner, as the strength of the breakout fizzles away somewhere in the middle, but the direction is set and one can ultimately expect to see the price at previous visited area, ie 100% retrace - at 18 SBD.
Now how does this compare to the STEEMUSD price action?
Here it is - not a bad looking bull-flaggy formation. This chart pattern mostly leades to upwards breakout, but due to the not-so-compressed nature, the outbreak won't be anywhere near the explosiveness of wedge breakouts.
Why isn't the SBD peg to $1 holding? Don't know, don't care. As long as you keep posting that valuable content, you will have some SBD to exchange into STEEM.
When you are done with the serious matters, lets end this day on happy mood note. Take a look at this beautifully visualized history of Bitcoin from 2019 - 2018, to start your day with something nice. Thanks, XalionIO, for linking. Via reddit
Haha, made me smile :)
Are you sure about that Bitcoin stuff? Is Reddit really a reliable source. I am looking at blockchain.info and the Mempool still looks bloated, the Cost per Transaction still looks high and the SegWit Adoption still looks stagnant and quite low.
I did a Post-Segwit Review back in December and nothing seems to have changed.
Hi mate, the Reddit story is only this guys making the first purchase via LN and i have no reason to dobut his story as Torguard itself verifies it.
About the mempool and fees, there are blokes still paying 2000 sats/byte, i guess these come from greedy brokers and exchanges who are too lazy to upgrade their estimation . Check this guys feed on Twitter, these guys are on top of it. https://twitter.com/ArminVanBitcoin/status/954581110712827905.
Sorry, haven't been able to follow-up more thorougly today due to some business.
No worries. I appreciate the reply. I will have a dig into this one a bit more myself.
Thats great I'm anxious to see the lightning mass adoption we will have a fast network without having crazy block sizes!
B-b-but bcash and all so many other people told me software doesn’t change!!!! Waaaah!!!!!
we need lightning as soon as possible, the current fees made bitcoin to a almost useless cryptocurrency to make transactions. Today when I want to buy a new crypto at another exchange I use ETH for transfering and buying
Hello my dear friend!
As always, a very interesting and useful article!
As for STEEMUSD and SBDUSD, I absolutely agree with you. If we talk and technical analysis, SBD behaves much more beautifully)
I want to say that the wedge is one of my most favorite technical formations. I really like to work on them. Especially on SBD it was formed very, very beautifully.
Personally, I use this information only with the presence of a divergence (for example, on a MACD), then what was on SBD.
Thank you for the article!
For me, your expert opinion is very important - https://steemit.com/trading/@maksym7/don-t-panic-bitcoin-may-the-force-be-with-you
Thanks, @furious-one!!!
Here's $20 for supporting Steemit
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I read some where that sbd is all about pump and dump because of low supply that is just 6.7million
You read right.
you post is very useful, Thanks!
i really like your post and i enjoy it very with all post 👍
Your post as usual is detailed with references and different shades of opinions. Thank you for sharing useful and valuable information all the time.
Wow that is amazing new for bitcoin isnt it?
This is quite an interesting read, the content is good. Thanks.
wow. upvoted.