Bitcoin - As Horizon Fades - Short-Term - Part 5

Bitcoin - As Horizon Fades - Short-Term - Part 5
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
ferGOD

Cryptocurrency Market Stalls As Horizon Fades

The cryptocurrency market appears to have stalled out in the wake of several fundamentals that failed to deliver. Bakkt’s weak BTC futures debut and the withdrawal of VanEck SolidX’s ETF proposal both adversely affected the market, and today’s slump is a direct result. Investors and traders look to impending fundamental factors as price drivers. In their absence, traders only have charts upon which to rely, and it goes without saying that BTC’s chart hasn’t painted the prettiest picture in recent weeks. The turbulence of the market has sidelined all but the most adventurous traders. As far as rollercoasters go, this one has been pretty thrilling, a little scary, and entirely unpredictable. Additionally, the BTC hash rate flash crash didn’t do anything to assuage investor concerns that the Bitcoin network is both secure and stable. An easy way to gauge just how few traders have a sense of direction in these tumultuous times is to read a Crypto Twitter feed. Currently, it appears that all of Crypto Twitter is expected a drop to the $6K range, if not lower. The more posts you see about meta-crypto topics, things Binance is doing, or dogs, the deeper in a bear cycle the market is. While there is, without a doubt, every possibility a sizable decline will occur, we’re not entirely sold. That’s alright, though. We’ve said this before, and so have many others, but it’s always worth repeating: Markets move in cycles. The BTC halving is approaching, and quickly. Getting in position to take advantage of the presumed price run leading to BTC’s quadrennial event will be the modus operandi of every intelligent trader in the market. At the time of writing, BTC appears to have stabilized above $8k. Without any fundamental price drivers in the immediate horizon, the next milestone to look to is the May 2020 halving. In our humble opinion, the rocket is refueling. But, if you’re the one strapped in the rocket and waiting for launch, it’s easy to become impatient with the process you’re unable to see. Rockets aside, BTC is currently cooling at $8,200 – a far cry from $10K. Crypto’s #1 is throwing mixed signals into the air. Both weekly and 2W timeframes displayed clear weakness by closing below HTF demand OB EQ at $8,259.80. Additionally, there is an olympic-size pool of demand resting below us from $7,200 to $6,000 - $5,650 . That roughly translates as traders notGiven that, we won’t be surprised to see BTC find a price floor above the catastrophic lows being predicted.

Will quantum computing break crypto?

A requisite ability in any cryptocurrency investor’s skillset is that of reading seemingly disconnected events for the ways they may be relevant now, or in the future. Case in point – Google reached its “quantum supremacy” milestone , meaning the company’s rudimentary quantum computer outperformed a traditional one. In a nutshell, quantum computers can easily run through impossibly sophisticated computations in the blink of an eye. Whereas a cluster of some of today’s best computers may take months, to complete a complex calculation, quantum computers will do them in seconds.

What has that got to do with crypto?

Bitcoin , Ethereum , and the rest are cryptographically encrypted digital assets. Their security is guaranteed by the difficult calculations required to append transactions to the blockchain (via mining). However, a quantum computer, in theory, can easily power through the calculations which cryptographically secure digital assets today. In essence, quantum computers can potentially break blockchains.

In response, blockchain architects are generally doing one of two things:

• 1. Researching and deploying quantum-resistant cryptography as quickly as possible.
  
• 2. Deploying quantum-based blockchains which play nice with their computer counterparts. This prospect has been thoroughly researched https://arxiv.org/pdf/1804.05979.pdf, but can’t be undertaken until quantum computing is established, stable, and well understood.

Concerns over how the rise of quantum computing may affect Bitcoin are well-founded but early. Google and IBM have both progressed much faster than anticipated, though their prototypes have a very long way to go before posing a threat to Bitcoin or blockchain generally. Technologies also grow in tandem. As progress is made in the quantum computing arena, there will be trickle-down and cross pollination to other sectors – like blockchain. Back in 2013, Ethereum founder Vitalik Buterin tried to get funding to build a quantum computer himself. More recently, he suggested quantum-resistant Lamport Signatures as a way to future proof blockchains. For additional reading on the subject, we suggest the following research paper titled “Bitcoin and Quantum Computing” > for more read this Article //arxiv.org/pdf/1711.04235. pdf

Well keep you updated as this timely issue evolves.

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Here s a small explanation about why Im giving insight into my trades. Crypto is all about trust and transparency and that is what ID like to bring. Dont expect me to tell you how much crypto I actually own because thats none of your business. But I Will tell you how big my position will be in regard to my trading portfolio.
Secondly and actually the main reason im doiing this, is to proof to all the HALTERS out there that you can earn money with trading crypto. Most people are skeptical about trading because they heard horror stories about people who lost all their money. Follow my journey and let me proof therm wrong.
At the end of the day, the most important thing is how good are you at risk control.
Booking some losses during trading is perfectly normal, so im not afraid to show those losses. Most traders dont give any insight in what they because they perfectly know they suck and dont have a clue what they are doing in regard to risk management.
Risk comes from not knowing what you're doing.
Just like every trader, Ive seen ups and downs in my journey. I started trading stocks. And you can guess what that meant for my portfolio. Yes thats right, it was almost completely wiped out.
But I pressed on, learned a lot about technical analysis and here we are. I have experience in trading stocks, options, and commodities .
So you can assume that I know how to deal with risks.

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