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Bitcoin Price Prediction: BTC/USD Reaches $60,000 Level

Bitcoin Price Prediction – October 14

The Bitcoin price touches the daily high of $59,999, the coin is holding above $59,000 level and it may likely retest $58,000 before rising again.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $53,000, $51, 000, $49,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD has been extremely volatile as the coin touches the daily high of $59,999 and after touching the daily low of $56,867. At the moment, BTC/USD is in an ascending channel forming higher highs and higher lows. Therefore, since the price is above the 9-day and 21-day moving averages, it indicates that a break above the channel may likely come to play.

Bitcoin Price Prediction: Bitcoin (BTC) May Trade Above $60,000

According to the daily chart, if the Bitcoin price keeps hovering near the upper boundary of the channel, traders can expect a cross above the upper boundary of the channel. However, it is important to note that the red-line of 9-day MA is still above the green-line of the 21-day MA which confirms the presence of the bullish trend.

In the meantime, if the Bitcoin price drives below the 9-day moving average, it could see support levels at $53,000, $51,000, and $49,000, bringing the price to a new low. Meanwhile, a strong buying pressure may take the price to the resistance level of $60,000. While trading at that level, a bullish continuation could hit the potential resistance levels of $64,000, $66,000, and $68,000 as the Relative Strength Index (14) is likely to cross into the overbought region.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, BTC/USD remains trading above the 9-day and 21-day moving averages. Nevertheless, Bitcoin has not yet slipped below this barrier as it is still in the loop of making a bounce back. Therefore, BTC price hovers around $59,337 and may take time to trade above the upper boundary of the channel. The upward movement could face the resistance levels of $62,000 and above.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is below the moving averages while the main support is at the $58000 level. The price might slide sharply below $57,500 which may likely test the main support at $57,000 level. More so, BTC/USD is likely to face more losses in the near-term as the Relative Strength Index (14) nosedives below 65-level, indicating a reversal for the bearish movement.

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Gas for internal transactions (and transactions in general)

I am trying to design a SmartContract for a Token and I am having some issues with the gas calculations. When a user sends a token to someone, I would like there to be a fee. Where it gets fuzzy for me is the gas. I read that a minimum of 21k in gas must::Listen

I am trying to design a SmartContract for a Token and I am having some issues with the gas calculations. When a user sends a token to someone, I would like there to be a fee. Where it gets fuzzy for me is the gas. I read that a minimum of 21k in gas must be paid for all transactions but it is not clear what is included in this. I read that storing data (SSTORE) costs 20k in gas the first time, 5k in gas for updates and 5k to reset (set to zero) + you get a 15k in gas refund. From my understanding when you send tokens this is just updating the balance on two wallets (using SSTORE?), thus it should be one of the following:

  1. User has 10 tokens, sends 5 to a new wallet: 5k + 20k = 25k in gas? (above 21k)
  2. User has 10 tokens, sends 5 to an existing wallet : 5k + 5k = 10k in gas? (but since less than 21k then 21k is used?)
  3. User has 10 tokens, sends 10 to an existing wallet : 5k + 5k = 10k in gas? (but since less than 21k then 21k is used?), when tx done 15k in gas reimbursed? (does this reimbursement happen because of the 21k limit?)
  4. User has 10 tokens, sends 10 to a new wallet : 5k + 20k = 25k in gas (above 21k), when tx done 15k in gas reimbursed? (does this reimbursement happen because of the 21k limit?)

so I am not sure I understand where the 21k limit comes from / how it is calculated. The above is important for me to understand, because it will determine how I write my code.

I have not been able to find this information anywhere, someone told me that internal transactions cost less than 21k, someone else told me that all transactions are SSTORE operations and 21k is just a lower limit to the cost of a transaction, so if you had a user sending some tokens to an existing wallet (vanilla ERC-20 SmartContract) it would be 5k + 5k + 11k (network fee) = 21k but if you had some other operations (incl. sending inner transactions) making the gas above 21k you would have 5k + 5k + other_ops >= 21k

The algorithm I am trying to write is:

  1. UserA (sender) sends a token to UserB (receiver)
  2. A fee is calculated by the SmartContract
  3. The fee amount is transferred to a fee wallet
  4. UserB receives the amount sent minus the fees

There are timestamps involved in the calculations, thus I broke this down the gas cost to (excluding all other calculation costs):

  1. update timestamp variable UserA (SSTORE) : 5k gas (or 20k if 1st time)
  2. update timestamp variable UserB (SSTORE) : 5k gas (or 20k if 1st time)
  3. send fee to fee wallet (update fee wallet balance using SSTORE internally?) : 5k gas
  4. update UserA balance from sending tokens to UserB & Fee wallet (using SSTORE internally?): 5k gas
  5. update UserB balance from receiving tokens sent by UserA (using SSTORE internally?): 5k gas (or 20k if 1st time)

Total : 25k – 70k gas

Is this correct? Or is step 3 going to cost 21k in gas and steps 4 + 5 (together) going to also cost 21k in gas, like this:

  1. update timestamp variable UserA (SSTORE) : 5k gas (or 20k if 1st time)
  2. update timestamp variable UserB (SSTORE) : 5k gas (or 20k if 1st time)
  3. send fee to fee wallet : 21k gas
  4. tx cost of sending tokens from UserA to UserB (original amount – fees) : 21k gas

Total : 52k – 82k gas

Thank you! Gab

Bitcoin Price Prediction: BTC/USD Reaches $60,000 Level

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