- The creator of Litecoin, Charlie Lee, tweeted an important message related to SegWit2x
- Bitcoin (BTCUSD on xStation5) moves higher but the price still hovers below its crucial resistance
- Litecoin (LTCUSD) and Dash (DSHUSD) are gaining momentum as well
The Bitcoin price marked a significant increase earlier today following the tweet from Charlie Lee who is the creator of Litecoin and former Coinbase executive. He tweeted that Nick Szabo, the smart contracts pioneer whom the Bitcoin community considers as a figure closest to the Bitcoin creator Satoshi Nakamato, has publicly expressed his opposition against SegWit2x.
Let’s recall that over the recent few months the conflict between SegWit2x supporting businesses and the Bitcoin community has been portrayed as a battle between small block supporters and the so-called “big blockers”. Since then the community has rejected SegWit2x because of various technical reasons, beginning with closed-source development, opaque agreement made between a restricted group of businesses, developers, and miners, and the SegWit2x development team’s refusal to implement strong replay protection (a feature designed to safeguard Bitcoin users against inadvertent ’evaporation’ of their coins). For that reason support for the new software has declined lately even within the mining community. To sum up, one may conclude that SegWit2x might be doomed to failure, either way it’s forecast to occur around 15 November.
From a technical standpoint we may notice that Bitcoin has surged towards an upper limit of an ascending channel but hasn’t been capable of breaking it as of yet. As a result a move to the downside remains still probable unless buyers are determined enough to take the price above the mentioned resistance. If so a move to $8000 seems to be on the cards.
While Bitcoin has drawn the most attention other virtual currencies are worth looking at as well. Let’s begin with Litecoin which bounced off a crucial support area and moved towards a notable resistance placed at $63. Therefore a resumption of a bull market will depend on whether buyers are able to break this level and if they manged to do so, it could enable them to continue a rise.
The second digital currency which seems to be of note today is Dash. The cryptocurrency registered a significant rise on Tuesday and it’s kept its momentum so far. Nevertheless bulls may have a hard nut to crack as a medium-term trend line could play a major role. Once they fail to break through it, it could result in a pullback towards $280 or $260. On the other hand, a close above this level could herald further gains ahead.