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August 1st is Bitcoin’s Judgement Day: “Bitcoin may Need to Die”

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Vinny Lingham, CEO of Civic Keys, thinks August 1, the proposed date for the Bitcoin scaling, is not an independence day for the trailblazer of cryptocurrencies – but in fact a judgement day. In a Twitter post on early Thursday morning, the crypto investor and analysis pundit wrote that: “Bitcoin may need to “die” just one more time so that it can live forever. August 1 is NOT Independence Day, it’s Judgement Day”

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When Hacked.com asked Vinny why he took that position, he explained the situation is blurry.

“.. it’s not clear which split or fork will win,”

Vinny told Hacked.com.

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He also believes the upcoming event accounts for the ongoing Bitcoin price adjustment. Since Wednesday evening, prices have been falling.

It is interesting to note that Bitmain, the Chinese mining company, has published a contingency plan calling for User Activated Hard Fork (UAHF) in the likelihood of UASF being implemented on August 1.

Responses From His Followers

But some people who replied to Vinny’s post expressed reservations. Rob Furse urged Vinny not to be afraid of the hard fork since massive hash rates are still ready to be deployed on a UASF chain. “No other crypto comes close in their POW,” Rob replied.

“One side will win after August 1. There will be a carnage but Bitcoin will survive,” wrote John Pitchers.

Others were of the opinion that with a hard fork or not, Bitmain is going to lose the acrimonious scaling dispute and that people should keep trading.

“Either outcome is good. Segwit passes – sweet, or eventually, there is a hard fork and Ver and Wu sell coffee for BUtcoin,” another follower commented.

Matthew Achak also believes that if you believe in Bitcoin, you think in decades, not in days.

Jimmy Song’s Response To Bitmain

Meanwhile, Jimmy Song has published a piece on Medium explaining what Bitmain’s contingency plan for a hard fork after Segwit means. The Dev and entrepreneur maintains the main thing everyone needs to know is that Bitmain wants to add a wipeout and replay protection.

He wrote:

“Note that the hard fork starts roughly half a day after the UASF. Most likely, this is to see exactly how much of a threat the UASF soft fork is. If the hash rate of UASF is below 1% of the network, it’s likely that a single block won’t be found on the UASF in those 12 hours and gives Bitmain time to not mind with a hard fork.”

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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  1. tuth

    June 18, 2017 at 3:29 pm

    my mind is not clear yet 🙁

  2. KaGross

    June 19, 2017 at 12:00 pm

    If Bitcoin will lose value , What will happen with other coins that are only traidable through​ Bitcoin.
    Like SiaCoin. I understand that they will also go down with Bitcoin.
    Right?

  3. Krazylou

    June 20, 2017 at 1:34 am

    Its hard to take this guy seriously. Vinny Lingham sold all his bitcoin at 1000 because he said he didnt believe it in anymore and also a year ago said ethereum was trash. So I would do the exact opposite of this guy. Hes also kind of an ass if you listen to him in podcasts, very arrogant.

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Analysis

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

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The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

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Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

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That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Encouraging Bounce before the Weekend

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The correction that started out in the major lagging altcoins and spread to the leaders of the market yesterday is weakening, with a nice rally today in early trading in most of the majors.  Although the segment is not out of the woods just yet, the bullish signs which have been present ever since the lows three weeks ago still persist.

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Bitcoin stayed clear of the key $9000-$9200 support zone, for now at least, which would be an ideal bottom for the correction, but as we noted long-term investors should accumulate the coin during the correction, as the short-term momentum is already back to neutral. The $10,000 level is still in the focus, while the next major resistance is found at $11,300 and the prior rally high near $11,750 is also ahead as an obstacle.

BTC/USD, 4-Hour Chart Analysis

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The early leaders of the rally, Litecoin and Ethereum Classic are once again showing strength and that could signal that the next leg higher already started. That said, with several coins still stuck in broader downtrends, investors should still expect a bumpy road, with the occasional volatile sell-off.

Litecoin got very close to the $180 support that we have been monitoring throughout the correction, but it quickly bounced above the $200 level again, as the broad bounce started after testing the previously dominant declining trendline. So far, the price action in the coin is consistent with a new uptrend and we still expect LTC to lead the market higher.

LTC/USD, 4-Hour Chart Analysis

Ethereum Showing Positive Signs Again

ETH/USD, 4-Hour Chart Analysis

After yesterday’s early signs of relative strength, the second largest coin is now clearly showing evidence of accumulation, as it quickly recovered above the $845 level following the selloff after the US close. The coin established a new support near $780, and as the MACD is close to providing a bullish cross, it might signal the bottom of the correction.

Despite the bullish price action across the board, even in the recently lagging XRP and IOTA, the correction could still continue, but we still advise traders and investors to look for entry points as we expect the recovery to continue, although traders should still use smaller positions in the relatively weaker coins.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Technical Analysis: Correction Continues but Coins Remain Stable

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It’s been another mixed session for cryptocurrency investors as judging by only the price action, the segment suffered losses across the board, but comparing the current sell-off to the January plunge reveals that the majors are much more resilient this time around.

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The largest digital currencies are holding on to most of the gains of the recent weeks, and the price action near the crucial support zones is also encouraging. With all that said, the correction is not over yet, and further losses are still in the cards, but barring a substantial change in price action, the coins will likely continue the rally.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin has been trading around the key $10,000 level all day long, and, so far, a clear break-down has been averted. The short-term momentum indicators are now in neutral territory regarding the most valuable coin, and that could mean that a bottom is close, and investors should already add to their holdings here. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

XMR/USDT, 4-Hour Chart Analysis

Correlation between the majors has increased during the sell-off, but there are still clear outperformers and laggards, adding to the bullish case. Monero remains among the strongest coins from a technical perspective, trading right at the lower boundary of the bullish consolidation pattern, with the $280 price level holding up for now. The coin faces strong resistance near $300 and $335, but we expect the uptrend to continue with the next target being ahead at $400, while further support is found at $240.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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