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Bitcoin analysis for 31/01/2018

The American government institute found in official research on cryptocurrency that Bitcoin Cash is the original Bitcoin, while Bitcoin itself is a fork. In the document entitled "Blockchain Technology Overview" at the National Institute of Standards and Technology at the US Department of Commerce, the authors Dylan Yaga, Peter Mell, Nik Roby, and Karen Scarfone argue that on the technical side, Bitcoin Cash is the original version of Bitcoin: Activation of SegWit resulted in the creation of a hard fork, and users who did not want to change began to call the original Bitcoin - Bitcoin Cash. From a technical point of view, Bitcoin is a fork, and Bitcoin Cash is the original Blockchain. When the hard fork happened, people had access to the same amount of coins in Bitcoin and Bitcoin Cash.

The document seems to be interesting for reading at a time when the cryptocurrency industry is flooded with propaganda and marketing activities of both BCH and BTC representatives. The confusion of new Bitcoin users has increased after the July hard fork. Recently, there have been two scandals related to Bitcoin Cash, CNBC's main news channel and the main US stock exchange Coinbase, which has even chewed the reputation of BCH. The US government document, however, seems to be unmoved by both the events and the nature of the bitcoin bucket.

Litecoin, as the authors say, is a "Bitcoin supplement", while Ethereum Classic is underlined as the original version of the more popular Ethereum. Last week, the Weiss rating agency caused a stir when it delivered its first cryptocurrencies, giving Ethereum "B" and Bitcoin "C +" (in the US equivalent of grades 4 and 3+, respectively).

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market fell out of the channel and tried to test the technical support at the level of $9,151, but so far made only a local low at the level of $9,300. Currently, the price is trying to bounce back towards the level of $10.693, which would indicate a return to the consolidation zone.


The material has been provided by InstaForex Company -