Guys, first of all. don’t get too emotional over what happened on BTC and other alts. Whether it was due to BCH hard fork whether whales took a chance to lower the price to buy it, we know we won’t fall below $5500 - $6600 rectangle. At least not for long. This rectangle has been in force for a year and it is still valid. We know what you are thinking right now. Bullshit, nonsense, rubbish…
One of the most important factors of the BTC’s network is its sustainability. How is it achieved? Through miners. Why do they mine? Some of them just for fun but the vast majority because they earn money this way. When do they earn money? To make the story short – when their costs are lower than their income. What is the major cost of their operational activity? Electricity.
To summarize, it turned out that the weighted average price of the electricity (depending on the global location) is somewhere between $5800 - $7000 per one BTC. In order to keep this price, Satoshi Nakamoto who owns nearly 1 mln of bitcoins can change them over the counter (OTC) to dollars and buy large amounts of BTC on the exchanges which makes the pressure on the price thus the price moves up. Would you do it if you were at his place? Of course, as you would own the biggest amount of BTCs so the bigger the price the richer you would be. Right now we are a bit below $ 5800 but we think it will last only for a couple of days.
This is the time to buy not to sale. Do not give in to emotions.
Technical analysis details: • $5500 - $6600 rectangle defended for the 7th time over the past year • MACD – still a positive divergence • The price is below all EMAs - depending on how much conservative you are, enter when the price crosses short, mid-short, mid-long or long EMA. • RSI - strong downtrend which has already stopped. Wait for the trend reversal. • Stoch RSI - oversold - a good time to buy • Weis Volume Wave chart – the downtrend is slowing down – bounce north expected
So traders and hodlers. What do you think of such an approach? For us, it is clear it is still valid. Please drop us a line in the comment sections. Thank you for being here. If you like our job give us a like.
LOL, what a joke, the we won't go lower has been said over and over. All this is a scam and massive trap
tearliner
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@LeoKim, lmao yeah i guess the bottom is not in until all these moonbois shut their mouth up
SStanko
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Wrong. No price is too high to buy when is euphoria. No price is a low price to sell when it is desperate.
It will be cataclysm.
sandog
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Satoshi's coins are watched and they don't get moved or sold ever and if they did it would be HUGE news. Now miners buying BTC below cost of production, yes there is truth there. That is a support but is it strong enough?
gmareater
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miner will stop mining, simple as that, you have bitcoin and need money to pay your cost, what will you do? you will sell your bitcoins, (sell pressure)
you dont have money to push bitcoin up, because if you had money you wont sell your bitcoins at first place,
bitcoin miners are not so powerfull force and even decreasing price is a good thing for big miners because it will force weak to quit and difficulty decrease
Both Coin Cap and Bitcoin arrived at bottom of triangular convergence.
Now, Can I expect that the drop is over?
What do you think about this? I want to hear your opinion.