I've gone back to much simpler (than usual) charting for the higher time frames - the bottom is in line with the midway point of the current miners production cost. We all know BTC likes to zig and zag as well as repeating the same patterns over again. I believe we are in for more downside until we find the bottom around the production cost midway point of 5.5k area, then form an inverse H&S breaking up into a bullish channel towards the end of the year.
An even more bearish scenario in red where we make a H&S again and accumulate around the 4-5k level before the real breakout.
An even more bearish scenario in red where we make a H&S again and accumulate around the 4-5k level before the real breakout.
Comment:
bit earlier than expected!
Comment:
A wick to around the 4.3 support area before the recovery begins, 4.8k would be the accumulation zone.
I've been reading a lot of SN quotes regarding BTC, from all the whitepapers and forums. The production cost has always been of particular interest. With the halving and this black swan event, the perfect storm of sucking in retail has brewed.
Now, the mass shakeout has begun and even the strongest of hands may fold. Standard procedure just scaled up in this environment.
I've been reading a lot of SN quotes regarding BTC, from all the whitepapers and forums. The production cost has always been of particular interest. With the halving and this black swan event, the perfect storm of sucking in retail has brewed.
Now, the mass shakeout has begun and even the strongest of hands may fold. Standard procedure just scaled up in this environment.
Comment:
Target acquired!!! $4260 on BitMex!!!
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Please check out my other charts and feel free to get in touch if you need any help, questions, comments or some good discussion :)