[2017-09-27] Back Above $4,000: Bitcoin Eyes Next Major Price Hurdle

[nickbelski]

Having successfully defended the key rising trend line support over the last few days, the bitcoin-US dollar (BTC/USD) exchange rate is well bid above the $4,000 mark today.

At press time, the cryptocurrency that powers the world's largest blockchain is trading at $4,070, up 3% on the day. On a monthly basis, though, it is still nursing 6% loss.

With the positive price action, investors appear to also be turning a blind eye toward news out of China that indicates at least one major domestic bitcoin exchange has followed through on apparent orders from regulators to stop yuan trading.

"All customers will be able to withdraw all their funds from our exchanges within 72 hours," BTCC said in a statement.

Elsewhere, speculation is gathering pace that a small group of miners and developers carry out a planned fork of the blockchain this month. The fork may lead to the creation of a new network called bitcoin gold, that would give new cryptocurrency to all bitcoin holders.

Still, investors are at ease despite the talk of another hard fork. So is bitcoin heading for the moon? The price action analysis does suggest bright times ahead for the cryptocurrency, although it still needs to clear the last technical hurdle.



With the spike above $4,000 adding credence to the bullish setup discussed in the previous update, the break above the 50-day moving average level of $4,123 would be a sort of the "icing on the cake."

Such a move would cement expectations of a rally to record highs (repeat of the July pattern). On the downside, only an end of the day close below $3,880 [today's low] would abort the bullish view.

https://www.coindesk.com/back-4000-bitcoin-price-eyes-next-major-upside-hurdle/

[1Referee]

All these forks have just one intention, and that's gaining millions and millions of dollars instantly. Firstly we have seen an obsolete shitcoin called Bitcoin Cash come to life, and now we'll potentially have another one pop up, and perhaps even one in November... If this 'Gold' fork starts to look like its going to get initiated, I am fairly sure that we'll experience the same result as with Bitcoin Cash, and that's people buying up more coins in order to have more of these shitcoins waiting for them in the other chain. I still haven't cashed out the BCC's being connected to my 2013 cold wallets, and I am not sure if I ever will - the only thing that will make me do so if the BCC price for whatever reason jumps up to +0.2BTC levels again, but that's not likely going to happen.

[IIOII]

All these forks have just one intention, and that's gaining millions and millions of dollars instantly.

That's the simple truth. It's a new shitcoin release scheme that comes with free public awareness.

It's sad that we have to endure this further wave of scammy get-rich-quick schemes. I really hope that the potential benefit of these new altcoin launches quickly diminishes so the flood of new trashcoins will retreat quickly.

[Rahar02]

Bitcoin may recover to its normal growth or just another bull trap before another storm coming.
One thing for sure is bitcoin price extremely volatile and the market still immature, nothing for sure in this market.
Bitcoin need more usability, or people should not treat it as the way to invest and cash out whenever it reach higher peak.
Or, bitcoin will always on the edge and facing 'price crash' if bad news occurs due to people panic if the price fall down.
Whether bitcoin cash or another hard fork for bitcoin gold will be a good profit for everyone, free money mean; it will get dump as soon as it reach a certain price.