Why aint we going up up
Were going down 🙄🙄🙄🙄
We're not going up or down, wee're going sideways. I'm grateful for that because rapid price swings over extended periods of time get too stressful.
Relative to alts, we're going up significantly. Ether is down quite a bit over the last couple of days.
It's clear that Ether has reached its peak, and now that people are realising SegWit activation is likely to be soon it seems pointless except for temporary ICO hype which is frankly embarrassing to blockchain technology considering how shit most of these projects are.
I see the sideways movement as very positive, not neutral. Especially when it's rose so much over the last couple of months.
I am having a bit of a difficulty considering exactly what is our current BTC price range that should be considered as sideways. There is so much going on right now in regards to the multiple forks and threats of forks... It's confusing the fuck out of me.
About a week ago, I was considering about $2,250 and $2,650 to be the BTC trading range and that a break above $2,650 meant that we were going to be testing $3k - but then the subsequent news has kind of screwed up the price range and the journey towards testing $3k - and even seems to have increased the possibility of a break downwards.
Maybe currently, we can define sideways as anywhere between $2,500 and $2,750?
Regarding the segwit2x situation, initially, I thought that news was bullish because likely the market was thinking that we would be getting segwit in some kind of meaningful and certain form - however, now, there is some lack of clarity about either getting a meaningful kind of segwit and even if some kind of watered down segwit within segwi2x might involve some inferior code that is not really equivalent to the actual segwit.
Hardly anyone is going to run untested code, so it had seemed that getting segwit was going to mean running core code that has already been vetted and tested.
So, maybe the market is kind of responding to the first mistaken revelation of positive news that was based on confusing assumptions regarding what they were getting and what code was going to be adopted and seems to be turning out to be a bit more of a shit show than previously expected because there seems to be some lack of clarity regarding what code seg wit is going to be implemented first and will the running of such code be sufficient to cause a form of consensus.. or end up forking in some kind of way.
So signalling 82% does not mean the same thing as running a version of segwit code that allows for resolution and actual sufficient hashpower consensus.