Bitcoin Today: the Futures Menance

29 Haz 2018Price
Yesterday we saw another-one bounce-off from the Bearish Trend Line, which send the price to the 5750.0 level; the low of the last week (5750.0) played it’s supportive role and did not let the price go lower. For now, BTCUSD went into a lateral movement between 5750 and 6000 levels, if this uncertainty will remain the price will meet Bearish Trend Line in a few days again. If such movement will remain and the market will not see a substantial change in buyers interest the price could easily go lower within the next days. To break this vicious downwards pattern we still need to see high volumes and movement above the 6300.0 level, until then it is too dangerous to enter the market. If bitcoin goes below 5750.0, the next stop should be at 5000.0 level.
Bitcoin traders should be prepared for volatile weekends as a lot of menaces coincides: the end of the week, months and quarter, plus the expiration of Jun Bitcoin Futures on CME (15 Dec 2017 - 29 Jun 2018). Investors may attempt to unwind their futures positions to avoid settlement.

Today forecast
Trading in the 5750.0 – 6000.0 zone. High probability of increasing volatility.

Latest news

• Bitcoin’s Lightning Network Still Unsuitable for Large Payments, Research Suggests
  Lighting network – long awaited solution for Bitcoin users, which has to ensure fast and cheap transactions.
  A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments.
  According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate.
  Diar’s research adds that the number of channels on the network has been steadily growing, but that its efficiency hasn’t. As CCN covered, the Lightning Network crossed 1,000 mainnet payment channels back in February, and now has over 5,050.
  According to The Next Web, Diar’s data was sourced from Reddit user YeOldDoc, who used available data from Lnmainnet.gaben.win to get to the results. According to the website’s data, the Lightning Network currently has 2,326 nodes, and a total capacity of $142,000.
  It’s worth noting that the Lightning Network is still in its infancy. Lightning Labs co-founder and chief technology officer (CTO) Olaoluwa Osuntokun responded to Diar’s research, arguing the “model itself is flawed, and produces flawed metrics.”
  
• Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers
  South Korean crypto exchange Bithumb has announced the 11 cryptocurrencies stolen in last week’s theft and the amount of each coin missing. A compensation plan has also been unveiled for the equivalent value of the lost coins in an undetermined cryptocurrency.
  Bithumb has provided a breakdown of the 11 cryptocurrencies that it claims were stolen. They are BCH, BTC (692 coins), ELF (409.962), ETH(2,219), ETHOS(42700), GNT(1015090), HSR(6240), KNC(50000), OMG(300), VEN(420), and XRP(5227490). The largest damage is in BTC, which had about 13.9 billion won (~$12,377,255) stolen. According to Bithumb, the total amount stolen is 18,945,911,857 KRW or $16,892,614.
  Bithumb has also revealed its plan to compensate all affected users. Reiterating that it takes full responsibility, the exchange announced that it is organizing “a compensation airdrop event.”