Bitcoin Bottom: Fundamental Analysis + TA
Hello! My name is Ivan. I am a stock market trader and right now I am also trading cryptocurrencies. I want to share my Bitcoin Technical and Fundamental analysis with you.
I don’t know why, but most of the crypto traders use only TA ignoring fundamental analysis. But fundamental factors are very important for long-term decisions.
What is the most important fundamental factor for the Bitcoin? In my opinion, it is the mining cost. If the BTC exchange price goes below this mining cost the mining becomes unprofitable.
Current price level is very close to the BTC mining cost value for many miners. And if the price goes to 6000 - 5500 mining in most countries will become unprofitable at all. So right now we are at very low levels and this may be the bottom fundamentally.
Technical analysis:
• We are near a very low support. The BTC price touched this support 2 months ago.
• The market starts to slow down. As you can see the angle of the green lines shows that every market move takes more and more time. This may indicate that the market loses its bearish power…
In my opinion, this price level may be the bottom. Or the bottom is somewhere near.
Can the price go deeper? Yes. But if it goes deeper it will hardly stay there for a long time.
I don’t know why, but most of the crypto traders use only TA ignoring fundamental analysis. But fundamental factors are very important for long-term decisions.
What is the most important fundamental factor for the Bitcoin? In my opinion, it is the mining cost. If the BTC exchange price goes below this mining cost the mining becomes unprofitable.
Current price level is very close to the BTC mining cost value for many miners. And if the price goes to 6000 - 5500 mining in most countries will become unprofitable at all. So right now we are at very low levels and this may be the bottom fundamentally.
Technical analysis:
• We are near a very low support. The BTC price touched this support 2 months ago.
• The market starts to slow down. As you can see the angle of the green lines shows that every market move takes more and more time. This may indicate that the market loses its bearish power…
In my opinion, this price level may be the bottom. Or the bottom is somewhere near.
Can the price go deeper? Yes. But if it goes deeper it will hardly stay there for a long time.
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