An acceleration in bearish price action at the weekly close occurred, solidifying the current lower timeframe bearish market structure. Price action is now trading back within the channel - channel low is the next logical target.

In recent news events, Ethereum co-founder Vitalik Buterin has proposed putting together a set of metrics to measure how “aligned” projects are with Ethereum’s values.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Drops

Bitcoin Price Analysis 📈 🐻 

The recent bearish expansion on Bitcoin was expected as price action was grinding at key resistance with low volume. Price action is now trading below the channel midpoint - as long as this remains, lower is to be expected.

Low timeframe consolidation around this region is good for price action as this will create liquidity for the next directional move. Grinding price action into the .618 Fibonacci is probable, this will be a nice low-timeframe bounce zone.

The overall objective of price action will remain the channel low, this will complete a full rotation from the highs. This will remain probable as long as price action remains trading below the channel mid-point. 📈 

Bitcoin Insider will continue to monitor these time sensitive price development for the next update ✍️ 

How “aligned” are projects with Ethereum’s values ?

In a blog post from Sept. 28, Buterin emphasized that achieving "Ethereum alignment" remains one of the key social challenges within the Ethereum ecosystem. However, he admitted that this is a complex task due to the wide variety of client teams, developers, researchers, and communities contributing in their own distinct ways:

Buterin mentioned there are already some initial benchmarks, such as a project's level of openness. He explained that open-source code not only allows for security reviews but also reduces the risk of proprietary control and enables external improvements.

He also highlighted the importance of a project's interoperability, suggesting that applications and wallets could be rated based on their compatibility with different ERC standards. Decentralization and security could also be evaluated using tests like the “walkaway” and “insider attack” scenarios:

“If your team and servers vanish tomorrow, will your application still function?“ - If your team attempts to attack the system, how much will break, and what damage could be done?” he elaborated.

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Wisdom Drops

Bitcoin Insider bouncing back to work, See you in the next one! 👊