Market Analysis: Mine machine warehouse suspected fire, BTC did not come out for two hours

Interpretation today

Whenever the BTC crashed, there were various rumors about the cause of the crash. About two days ago, foreign social media circulated a fire video. The video publisher said that it was a mining machine manufacturer’s warehouse that suffered a fire. It is inevitable that many people think that the recent bitcoin net computing power drop is possible. Related.

On September 30th, a BTC miner Marshall Long posted a video on his Twitter that showed a warehouse that seemed to store a lot of mining equipment was on fire, but he deleted it after a while. Video; a few hours later, blockchain investor and former Danhua Capital Managing Director Dovey Wan re-released the film and pointed out that the coal mine storage warehouse belonging to the fire belongs to InnoSilicon (core technology), where the warehouse is located In China, large-scale mining machines suffered losses.

More network mystery users pointed out that the fire warehouse is located in Inner Mongolia. However, the domestic media did not search for news related to the warehouse fire, and Core Dynamics also stood up and rumored that the film had nothing to do with its warehouse, accusing the Twitter users of spreading fake news.

However, the BTC network also experienced unusual fluctuations from the evening of September 30 to the early morning of October 1. The normal average block time of BTC is about 10 minutes. However, the time interval between the BTC heights of 597272 and 597273 has reached 2 hours. This situation has only occurred less than ten times in the history of BTC. The reasons for the excessive interval between the blocks include the sudden drop in power and the difficulty. It is also possible that the entire network does not calculate a hash value that meets the requirements, but the probability of the last one is extremely low.

In addition, between the two blocks 597275 and 597276, it was only a short half minute. At present, the block display during this time in the partial blockchain browser also shows an abnormality. Perhaps this unusual network volatility is really related to the massive migration of a mine, but as Core Technology denied the connection with the video, the truth of the incident may never be unveiled.

Market research

Overall view

The BTC rebounded and the pressure of $8,500 was difficult to break through in the short term. Today, the BTC fell back to $8,200 and oscillated above the 5-day line. If the BTC can stand firm on the 5-day line, there is still room for further growth in the market. The sharp drop in BTC has provided investors with more suitable prices, and long-term holders can buy on dips. Although BTC is in a downtrend in the short term, there is no need to panic.

In December 2018, we clearly pointed out BNB's investment opportunities in the bear market, and the first to propose that the BNB in ​​the bull market will enjoy Davis double-click (hedging: the platform pass the bear market profit key – the certificate valuation series) 2) In October 2018, we will point out the price cycle of BTC and predict the bottoming time to be around May 2019 ([Classic update reappears] three laws and applications of BTC Bulls and Bears cycle – Freezing Point Outlook A); In April 2018, when the remaining temperature of the bull market had not been exhausted, we indicated that it was a rebound rather than a bull market (whether the bull market is coming? It is the four reasons for the rebound rather than the bull market).

BTC rebounded to encounter resistance, short-term attention to the support of MA5, BTC empty side of the selling pressure has been reduced, the volume of BTC fell in the past two days is significantly less than the rise, the USDT off-site also maintains a premium state, is expected to oscillate along the MA5 Upstream. BTC support level 8050USDT, pressure level 8500USDT.

ETH rebounded slightly stronger than BTC, and the trend linked BTC. The ETH support level is 172USDT and the pressure level is 196USDT.

EOS rebounded strongly today, or it will open up a certain rebound space. There is also a certain space from the top of the strong resistance of 3.2 US dollars. EOS support is 2.85USDT and pressure is 3.20USDT.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.

Disclaimer

Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

 

Author: full currency market analysis team