Bitcoin Market - Staring at the Bear.
Hi traders, here's my two-charts Bitcoin analysis.
Bitcoin.
- This bear market is due to a lack of new money coming in to support the price:
- Until some fundamental news re-spark public interest in buying Bitcoin or we hit accumulation (aka when whales will agree on a fair price for Bitcoin which will result in a flat, sideways price action) I expect the market to continue to plough downwards, hoping from one volume node to the next with periods of slow grinds (inside each node) and accelerations/dumps (inside volume wells).
- My intuition tells me that it's unlikely miners will let Bitcoin drop below break-even profitability levels though (which I heard from a miner friend of mine lays around $4000 on average) so I'll be looking at signs of accumulation if we ever make it down there.
Trade Safe!
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Coins mentioned in post:
" lack of new money "..makes perfect sense. I'm out of BTC still but looking for a good re-entry point. I think I'll wait a bit!
Hi @scalerman look for a giant red candle or an accumulation pattern (prolonged sideways price action) to make your entry.
Thanks @Dan! I see BTC up 2.5% today but Im going to look for that red candle you mentioned first. Cheers :)
one more thing @scalerman, if we start bouncing from there and break $8000 then I'd say that could be quite bullish.