BTC USDT Support Zones, Where do we go from here?
Updated
We refer to the chart above,
What we have here, are possible "Support" Zones for Bitcoin.
We have finally broken structure, as the previous support, now turned resistance of 6420.20 (refer red horizontal line). This level was tested twice in Feb and April.
Now, we move on to the next support level, that is the 5859 level, seeing as to how weak the current buying volume is, I expect us to go further down here. Bollinger Bands seems to agree with my point.
So how low can we go from here? The chart seems to tell us that the next available support would be 3273. That's the september lows in 2017, after China announced the ban on crypto exchanges.
Well, in my opinion, in order to really get massive buying volume would be when the market price matches the production price of bitcoin, or perhaps a short dip beneath it.
Currently, China makes up for most of bitcoin mining ( approx 75%), and the price to mine one bitcoin in China seems to be around 3000$-3500$ range according to information readily available on the internet.
I believe the reason why the market is behaving the way it is now, is because of the 2017 bull run, which led to massive profits for bitcoin miners in China. And now we have an over supply of bitcoin relative to the demand.
To reduce the supply, the Chinese bitcoin miners, need to halt bitcoin mining, which usually happens when mining bitcoin would no longer be profitable, and that is when price reaches the sub $4000 levels. When that happens, the demand would greatly exceed the dwindling supply of bitcoin, which could finally signal a legit bull run.
Again, this is just me expressing my opinion on the future of bitcoin.
What we have here, are possible "Support" Zones for Bitcoin.
We have finally broken structure, as the previous support, now turned resistance of 6420.20 (refer red horizontal line). This level was tested twice in Feb and April.
Now, we move on to the next support level, that is the 5859 level, seeing as to how weak the current buying volume is, I expect us to go further down here. Bollinger Bands seems to agree with my point.
So how low can we go from here? The chart seems to tell us that the next available support would be 3273. That's the september lows in 2017, after China announced the ban on crypto exchanges.
Well, in my opinion, in order to really get massive buying volume would be when the market price matches the production price of bitcoin, or perhaps a short dip beneath it.
Currently, China makes up for most of bitcoin mining ( approx 75%), and the price to mine one bitcoin in China seems to be around 3000$-3500$ range according to information readily available on the internet.
I believe the reason why the market is behaving the way it is now, is because of the 2017 bull run, which led to massive profits for bitcoin miners in China. And now we have an over supply of bitcoin relative to the demand.
To reduce the supply, the Chinese bitcoin miners, need to halt bitcoin mining, which usually happens when mining bitcoin would no longer be profitable, and that is when price reaches the sub $4000 levels. When that happens, the demand would greatly exceed the dwindling supply of bitcoin, which could finally signal a legit bull run.
Again, this is just me expressing my opinion on the future of bitcoin.
Comment
[img]Comment
We have bounced off the key support of 0.618 fib, the major resistance to clear is at 0.382 fib. Note the dates of 15-22 Jul, 25-27 Jul.
With the RSI slowly curving up, the likelihood of further upside movement is in favor.
Comment
[img]Testing 6.8k resistance.. breaking through is very likely this time
Coinmarketcap at current writing is $273,799,034,096
The best has yet to come.
Comment
7 Day EMA has also crossed 21 EMA.. Another bullish signComment
Retraced to 0.236 fib.. 7232 but seems to be holding,It could reach 0.382 Fib - 7000.. though unlikely.
Comment
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