Death Cross Imminent
Well, bears have finally brought BTC to this point. I'm still in no trade right now, but I'm going to be enabling my bot to drop short if needed. Should get the death cross at some point in the next 24h unless bulls wake up. I'll remain in no trade until we get some directional indication.
If we drop, we will have to see what the next support is. 7200 would be the immediate support, but there's a good chance that will break and we'll be looking at 6800. The hard bottom, the cost of production, is estimated to be about 6500. Below that, miners will start dropping offline, reducing the selling pressure.
There is some debate on what that figure is globally. It varies country to country.
datadriveninvestor.com/2019/09/16/whats-the-minimum-bitcoins-price-to-make-mining-profitable/
If we drop, we will have to see what the next support is. 7200 would be the immediate support, but there's a good chance that will break and we'll be looking at 6800. The hard bottom, the cost of production, is estimated to be about 6500. Below that, miners will start dropping offline, reducing the selling pressure.
There is some debate on what that figure is globally. It varies country to country.
datadriveninvestor.com/2019/09/16/whats-the-minimum-bitcoins-price-to-make-mining-profitable/
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