Analysis of Bitcoin for 08.02.2018

Tags: 

Bitcoin should establish itself as means of quick, safe and cheap payments. New technologies and diagrams are implemented that will ensure almost instant payments with low-value Bitcoin. Conner Fromknecht and Olaoluwa Osuntokun proposed a new system that they call Atomic Multi-Path Payments (AMP) over Lightning. According to AMP supporters, sending payments via this protocol would bring a number of benefits, such as improving the privacy of Lightning Network brokers and reducing fees.

This system now joins countless programs and new technologies that promise to solve the Bitcoin scalability problem. Other options include SegWit, Schnorr signatures, and Lightning Network. The AMP protocol would operate via the Bitcoin Lightning Network.

Segwit is another key Bitcoin optimizer that can improve its scalability and reduce transaction fees. It would also help to improve the continuity of transactions in the Lightning Network. Since activating SegWit in August 2016, programmers are increasingly integrating SegWit with Bitcoin portfolios, and several exchanges are already implementing it. Recently, on February 5 2018, Coinbase announced that the final testing phase had begun and that Segwit would be available to Coinbase customers in the next few weeks.

AMP is another program that together with Lightning Network promises to help solve the problem of Bitcoin scalability. Bitcoin enthusiasts and investors predict that AMP will receive support from all cryptocurrency stakeholders.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market bounced right from the weekly pivot support at the level of $5,912, just a little below the grey rectangle target zone of $6,314 - $6,742. Currently, the price is trying to bounce higher towards the level of $9,118 and then possibly towards the level of $9,515. Those two levels are the key to future gains.

Analysis of Bitcoin for 08.02.2018

Add new comment