Bitcoin Trend Series / EP. 653 / Mining Break - Even Price
Time: 8.33 A.M. / GM+2 / 14th July 2018 – Sat.
- In our previous post / 652 / we had forecast the trading range will be between 6.039K & 6.705K. The intraday low was 6.125K and the high was 6.339K.
Recapitulation
Bitcoin price, the last week, declined from Projected Resistance 6.842K, stopped around 6.079K, and due to the IHS Pattern, Bitcoin price showed upside bounce, that was limited to 6.340K area.
The reason why we believe the below Pattern Will Not Remain In Play as the bears most likely will be able to push the right shoulder below the neckline located at 6.039K.
Market Factors
- Currently, Bitcoin price is around mining break-even price, so Bitcoin price could get some Fundamental Floor barrier, despite techinical suggestion of lower prices.
- If price will drop below current breakeven, mining will diminsh, this in turn will lead to miners reward and growth of Bitcoin price again.
So the drop & rise probably will be very fast.
Technical
- On Daily Chart we're still watching for AB=CD target also. As a lot of stops could be accumulated below 5.870K lows and once they will be triggered, the price could accelerate lower towards 5.500K followed by 4.300K.
- Weekly Setups stands the same and our major target of AB-CD Pattern around 4.300K still valid as long as the price below 6.842K.
- There are no change in our Bearish Scenario / "222" Sell, towards 5.500K followed by 4.300K Area, unless breaching 6.842K and settling above it.
Sentiment
The trend is Slighty Bearish for today.
Support 1: 6039.000 level.
Resistance1 : 6420.00 level.
Support 2: 5780.000 level.
Resistance2 : 6842.000 level.
Expected trading for today:
is between 6039.00 and 6420.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Bearish.
Long Term:
Bullish.
The low of 2018:
4267.00 / Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
investing considerable time and effort up front in
hopes of considerable returns down the road.
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Yeah we have come down for so long I would not be surprised to see another steep drop before we go up up and away! It will be fast so perfect for HODL this last leg then! Nice Blog Resteemed!
I think we’re starting a rally now that will lead up to the ETF decision. Way to many buyers just aching to get in now ahead of the ETF decision.
bitcoin, come down here.. i'm ready to catch you!
Let's go to Venezuela for mining pretty cheap bitcoins.
WARNING! The comment below by @sanjugangber leads to a known phishing site that could steal your account.
Do not open links from users you do not trust. Do not provide your private keys to any third party websites.
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You don’t need TA this time a year... the price will go down because it’s vacation season and people need to raise cash for this costly period during the year (the same applies for the Christmas season). Prices will go up again in September and rise till early December to drop again for the same reason.
Ya empezara a subir, saludos un abrazo @lordoftruth
good your sharing .I have bitcoin.
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