Bitcoin reached another milestone in network performance this week when the largest cryptocurrency hash rate reached a new record. Bitinfocharts data confirmed that the Bitcoin hash rate on August 8 exceeded 80 quintillions of SHA256 hashes per second, reaching this level for the first time.
Hash rate refers to the computing power used to validate Bitcoin transactions. The more power, the more costly attacks on the network become.
In recent months, the hash rate has set many new records, reversing the downward trend that characterized the second half of the Bitcoin bear market in 2018. This indicator is one of many that this year sets personal records - among others, it has also made difficulty and volume.
The strength of the network, in turn, contributes to the overall positive mood among Bitcoin supporters who note that during the highest cryptocurrency price in December 2017, the same rates were much lower. There is an argument that Bitcoin is better prepared to grow now than at that moment or at any point in its history.
Technical Market Overview:
The BTC/USD pair has made a new high at the level of $12,269 and then the Bearish Engulfing candlestick pattern was made, which made the price to reverse towards the level of $11,068. This technical support level has almost been hit, but the price has bounced again. Nevertheless, the whole structure looks like a Pennant pattern, so another wave up is still possible. From the Elliott wave point of view, it looks like the wave 1 might have been completed already and now the market is unfolding corrective wave 2. Wave 2 might be a more complex and time-consuming corrective pattern, so it is worth to keep an eye on the ongoing developments. So far all the moves up and down had been made in three waves only.
Weekly Pivot Points:
WR3 - $13,750
WR2 - $12,333
WR1 - $11,817
Weekly Pivot - $10,382
WS1 - $9,882
WS2 - $8,441
WS3 - $7,9485
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.