You Can Build Economies On The Top Of Bitcoin and Not Companies On The Top Of ItMarch 24, 2019
Bitcoin is trying to break past the bear market. Major support level for Bitcoin is seen at $3.900, and the major resistance level is seen at $4,020.
The MACD for the BTC/USD is placed in the bearish zone. The 4 hours RSI for BTC/USD is below the 50 levels. BTC does not have significant buying pressure. Statistically, a large upward price swing is unavoidable.
There is no noteworthy buying pressure in the $4000 region. Despite sideways trading, the BTC is not bearish. For most of the time, the Bitcoin is caught up in the ascending pattern leading to upward breaks for most of the time. The average price movements were relatively higher.
Per Bulkowski’s study, 60% and more of ascending triangles have declining volume. These triangles end up breaking upwards. An average price rise of 35% is reported in these cases. This provides a target of $5500 BTC the sooner the breakout is confirmed.
Whether the crypto winter will truly come to an end is something that can be determined when the Bitcoin comes to the end of the ascending triangle formation.
Bitcoin went down to the 15th place in a ranking by China out of 35 crypto assets. This ranking came as a surprise to several investors and analysts. TRON, Ethereum, and EOS are seen ahead in this rating. All of these blockchain networks are focused on the dApp. The dApp enable the developers to build decentralized apps by making use of blockchain technology. In this ranking system, those networks that were designed to support the dApps ranked on the top.
Despite strict policies for cryptocurrency trading, the Ministry of Civil Affairs (MCA) implemented their blockchain technology to track the transparency in tracking the donations. Bitcoin is the most secure and reliable blockchain network in the market due to its computing power and the hash rate.
When it comes to analyzing the blockchain technology, the major criterions of the CCID consisted of a natural bias towards dApps and networks that are based on scalability. Necessary technology, creativity, and applicability were not a part of the analysis.
Therefore the ranking provided by the CCID cannot be a criterion for investors to analyze the performance and the progress of Bitcoin and several other cryptocurrencies. It is not possible to create standards for blockchain technology that lists all the characteristics of the blockchain network. Rankings are not definitive; they can only be a point of reference.
You do not use Bitcoin to build economies and not companies.