Bitcoin analysis for 28/12/2017

The controversial hard fork Bitcoin - SegWit2x - according to the official website of the project will be introduced on December 28th. The SegWit2x project, which caused months of debate and conflicts within the Bitcoin community, is to be carried out on block 501451.

The project's founder, Jaap Terlouw, stated on his site that fork is supposed to deal with issues of speed and transaction commission in the Bitcoin network, adding that currently, Bitcoin is practically unsuitable for use as a means of payment. Confirmation that the fork will actually take place is indicated both in the action plan on the project website, as well as in the Terlouw words: "Our team will perform a hard fork Bitcoin, which was scheduled for mid-November."

The founder also promised that in addition to the common practice of crediting BTC holders with equivalent new coin balances (B2X), they will also receive a proportional number of Bitcoins Satoshi Nakamoto as a reward for their commitment to development. The project's roadmap includes features such as Lightning Network support, intelligent contracts and anonymous transactions..

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market reversed from the level of $16.367 after three wave advance was made. The corrective cycle is continuing as the price is again dropping towards the local support at the level of $14,271. There is a high probability that the wave 4 will be in a shape of a triangle pattern.

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The material has been provided by InstaForex Company - www.instaforex.com