Bitcoin may make a comeback with Lightning Network.
About 6 years ago, the Lightning Network (LN) was developed to improve the transfer of Bitcoin and despite the price of Bitcoin being lower than $20,000 the number of Bitcoins sent through LN has steadily increased.
The Lightning Network is a Layer 2 protocol built on the Bitcoin network that facilitates off-chain transactions outside of the Bitcoin network, thus improving transaction speed and reducing network fees. Without this technology, the Bitcoin network is limited to processing only 7 TPS (transactions per second).
Recently, there have been rumors that LN will be used with Coinbase. Brian Armstrong, the CEO of Coinbase stated that "Lightning is great and we may integrate it at some point." However, he did not provide further details on when this integration may occur.
Previously, Coinbase, Binance and FTX, which have gone bankrupt, did not integrate Lightning Network, which makes BTC transactions faster and cheaper than the Bitcoin base network as recorded on GitHub.
David Coen, an LN advocate said "Coinbase will be one of the largest trading platforms to integrate Lightning if Armstrong sticks to his word."
Coen has previously suggested that integrating Lightning may pose a challenge to the business model of platforms with a large number of altcoins, "as the most important thing for the platform seems to be to maximize the number of altcoins and keep up with market trends."
However, Lightning has benefited from its integration with the Nostr protocol, which allows users to send small amounts of Bitcoin (satoshis) to each other, and the increasing number of LN wallets in various regions such as Australia and Argentina.
LN is growing as a peer-to-peer (P2P) payment method but concerns still remain. For example, Wallet of Satoshi is one of the wallets that has seen a lot of use of LN and the concern is that too much trust is being placed in third parties which goes against the Bitcoiner's philosophy of "not your keys, not your coins."
Technical analysis data (5H)
Resistance: 29313.4, 29421.7, 29571.4
Support: 29055.4, 28905.7, 28797.4
Source: Investing.comPivot Points April 11, 2023 07:40 AM GMT+7
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 28797.4 | 28905.7 | 29055.4 | 29163.7 | 29313.4 | 29421.7 | 29571.4 |
| Fibonacci | 28905.7 | 29004.3 | 29065.1 | 29163.7 | 29262.3 | 29323.1 | 29421.7 |
| Camarilla | 29134.0 | 29157.7 | 29181.3 | 29163.7 | 29228.7 | 29252.3 | 29276.0 |
| Woodie's | 28818.0 | 28916.0 | 29076.0 | 29174.0 | 29334.0 | 29432.0 | 29592.0 |
| DeMark's | - | - | 29109.5 | 29190.8 | 29367.5 | - | - |
Buy/Long 1: If there is a touch of support at the price range of 28905.7 - 29055.4 but unable to break the support at 29055.4, you may set a TP at around 29421.7 and SL at around 28797.4 or according to the acceptable risk.
Buy/Long 2: If able to break the resistance at the price range of 29313.4 - 29421.7, you may set a TP at around 29571.4 and SL at around 28905.7 or according to the acceptable risk.
Sell/Short 1: If there is a touch of resistance at the price range of 29313.4 - 29421.7 but unable to break the resistance at 29313.4, you may set a TP at around 28905.7 and SL at around 29571.4 or according to the acceptable risk.
Sell/Short 2: If able to break the support at the price range of 28905.7 - 29055.4, you may set a TP at around 28797.4 and SL at around 29421.7 or according to the acceptable risk.
Technical Indicators April 11, 2023 07:40 AM GMT+7
| Name | Value | Action |
| RSI(14) | 78.918 | Overbought |
| STOCH(9,6) | 95.264 | Overbought |
| STOCHRSI(14) | 100.000 | Overbought |
| MACD(12,26) | 245.300 | Buy |
| ADX(14) | 32.949 | Buy |
| Williams %R | -0.436 | Overbought |
| CCI(14) | 253.2208 | Overbought |
| ATR(14) | 276.5000 | High Volatility |
| Highs/Lows(14) | 1226.0714 | Buy |
| Ultimate Oscillator | 68.911 | Buy |
| ROC | 5.975 | Buy |
| Bull/Bear Power(13) | 1844.3360 | Buy |
|
Buy:6 Sell:0 Neutral:0 Summary:Strong Buy |
||
