Bitcoin analysis for 27/10/2017

Bitcoin analysis for 27/10/2017:

More and more stock exchanges are being withdrawn from support for SegWit2x, but in the distance, there are already signs of the next fork. This time cryptocurrency market participants will be preparing for Bitcoin Silver. Bitcoin Silver developers have told Bitcointalk forum, that their plan is to make Bitcoin decentralized again. The purpose of Bitcoin Silver is to refer to the idealistic vision of Satoshi Nakamoto: "one unit, one voice", which has now been distorted. A small number of strong, institutional miners are able to exert pressure on the minorities or discriminate against them in different fields (eg: with access to technology). In order to return to full decentralization, developers plan to change the proof-of-work algorithm from SHA256 to Equihash. Due to this change, the SHA256 miners will be outdated.

BTSI will provide new opportunities for new users around the world to participate in the crypto-mining process, through the globally available hardware produced by mainstream corporations. The more decentralized, democratic mining infrastructure will be more coherent with the vision of Satoshi Nakamoto.

This will be implemented in December. Since mining the previously announced block, miners will start building blocks based on the new algorithm. This will lead to another Bitcoin fork. BTSI will share the transaction history with BTC until the division. Later he will separate himself from bitcoin and create a new cryptocurrency.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The top for the wave (b) might be in place at the level of $5,985, so there is only one more down the wave to be made to complete the wave 4 simple corrective cycle. The target is still projected at the level of $5,092, but the correction might terminate sooner than expected.


The material has been provided by InstaForex Company -