Bitcoin analysis for 26/02/2018

Laszlo Hanyecz, the man who made the world's first documented transaction for the purchase of a physical object using Bitcoin in 2010, in which he paid 10,000 BTC for two pizzas, now bought two pizzas using the Bitcoin Lightning Network. On February 25, Hanyecz published on the Lightning-dev mailing list that he had to ask his friend in London to mediate in ordering pizza from a local pizzeria to be able to pay with the Lightning Network because, as stated: "the Pizza Bitcoin replacement software is not yet available". However, according to Hanyecz, the transaction demonstrates the basic assumption of using BTC in everyday transactions. As well, instead of a colleague, the recipient of the payment could be a pizza shop that had its own Lightning node.

The first BTC-pizza transaction took place on May 22, 2010. Since then it has been celebrated as Bitcoin and Pizza Day. Interestingly, there is also a Twitter channel dedicated to the daily publication of what is currently worth 10,000 BTC. Today, the tweeted value is $ 97.560.750. This time, Hanyecz paid for two pizzas, he paid 0.00649 BTC or about 62 dollars. The first documented purchase transaction of a physical object using the Lightning Network protocol is considered to be the next step in the evolution of Bitcoin, which will increase the bandwidth of the network for the global community. Apparently, it took place on January 20 this year. Then the user btc_throwaway1337 announced that he bought a VPN router via the payment channel provided by TorGuard.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. There are still two scenarios possible: main impulsive wave progression to the upside or alternative (W)(X)(Y) correction towards the level of $11,744 as a part of wave B. The golden trend line plays a big role now in the technical picture as the price is clearly reacting to it. As long as the price will trade below the golden trend line the downtrend will continue. The nearest intraday support is seen at the level of $9,170. In a case of a breakthrough, the next important support is seen at the level of $8,806 (50% Fibo) and $8,057 (61% Fibo). On the other hand, the nearest resistance is seen at the level of $10,000 and then $10,507.


The material has been provided by InstaForex Company -