Hello, as per last update linked below, The price insisted a little more than I thought in the 9,000-10,000 area but finally surrended to the overall (bearish) trend. Now we can confirm what we were supposing: the 10k was just due to halving fomo (a very weak fomo in fact). We were doomed to be pushed back down as we did not even broke last previous high at 10,500.
Facts now:
- we are back again into the big turquoise descnding channel holding since June 2019. It
was falsely broken for few days UP during the halving fomo) and DOWN (during the March panic) so in particular market conditions. Those two extremes are not to be considered imo. Let's wait for a TRUE test and break of the channel.
- we are perfectly testing the most important POC (the price òevel where majority of volumes occurs) at 8800.
- mining cost at 9kish level is 7.700 usd if we consider "normal" fees. Too high for miners that indeed started to switch of their machines: -30% in hash rate but only -5% in difficulty. They are probably selling some btcs at high price to fund their operations for future months. Maybe I will share a separate idea about mining costs.
- No one is buying (at least at those levels), transaction per day are really low (250k area).
- The 8 period daily MA crossed to the downside the 21 after 1 month
WHERE ARE WE GOING?
Hence, simply, the price is going to fall.
targets are:
8000
7700
7200
6700
5700
WHAT IS THE STRATEGY?
I am personally short since 9.2-9.4k and will be until 8200-8000 area. Just short and not accumulating BTC.
I will be both short and accumulating from the area 7000-5700.
If you not short yet, you could enter half now and half waiting for a retest of 9100-9200 (future gap filling and retest of the above band of the cannel) - not financial advice of course, just what I would do if I was not short yet.
LET ME KNOW WHAT YOU THINK, HOW YOU ARE POSITIONED AND IF YOU SEE DIFFERENT THINGS FROM YOUR PERSPECTIVE.
LET ME KNOW IF YOU WOULD LIKE TO HAVE A DETAILED ANALYSIS ABOUT MINING COSTS WITH A LIKE AND A COMMENT. AT 10 LIKES AND 10 COMMENTS I WILL PROVIDE IT!
Facts now:
- we are back again into the big turquoise descnding channel holding since June 2019. It
was falsely broken for few days UP during the halving fomo) and DOWN (during the March panic) so in particular market conditions. Those two extremes are not to be considered imo. Let's wait for a TRUE test and break of the channel.
- we are perfectly testing the most important POC (the price òevel where majority of volumes occurs) at 8800.
- mining cost at 9kish level is 7.700 usd if we consider "normal" fees. Too high for miners that indeed started to switch of their machines: -30% in hash rate but only -5% in difficulty. They are probably selling some btcs at high price to fund their operations for future months. Maybe I will share a separate idea about mining costs.
- No one is buying (at least at those levels), transaction per day are really low (250k area).
- The 8 period daily MA crossed to the downside the 21 after 1 month
WHERE ARE WE GOING?
Hence, simply, the price is going to fall.
targets are:
8000
7700
7200
6700
5700
WHAT IS THE STRATEGY?
I am personally short since 9.2-9.4k and will be until 8200-8000 area. Just short and not accumulating BTC.
I will be both short and accumulating from the area 7000-5700.
If you not short yet, you could enter half now and half waiting for a retest of 9100-9200 (future gap filling and retest of the above band of the cannel) - not financial advice of course, just what I would do if I was not short yet.
LET ME KNOW WHAT YOU THINK, HOW YOU ARE POSITIONED AND IF YOU SEE DIFFERENT THINGS FROM YOUR PERSPECTIVE.
LET ME KNOW IF YOU WOULD LIKE TO HAVE A DETAILED ANALYSIS ABOUT MINING COSTS WITH A LIKE AND A COMMENT. AT 10 LIKES AND 10 COMMENTS I WILL PROVIDE IT!
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Or simply you don't want to risk it?
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Check it out now → ftmo.com/en/?affiliates=2427
