Bitcoin Update_Hashrate_All Time High_5Jan2020
Hi friends, welcome to my post hope you having great weekend.
Below is the chart of Bitcoin Hashrate:
Image Source: Blockchain.com
Recently Bitcoin Hashrate reached again reached all time high.Looking at the chart you can see that recent Bitcoin Hashrate is approx. 7 times more than Dec. 2017 when Bitcoin price was all time high.It tells bitcoin is fundamentally more adopted and more bullish as many miners are betting their power to mine their BTC as halvening in coming near.
Bitcoin Daily Chart:
I usually don't look much in daily chart as it is more choppy.Weekly and monthly charts usually gives proper direction.But,there is an interesting thing in the charts that BTC has bounced back 3 times from $6800 support.I think Big players are buying at this level when weak hands are selling due to fear.I think it is highly unlikely to break this level but if it breaks which,I think it just has 10% probability we will go much lower.
Bitcoin Weekly Chart :
Now,Above is a weekly chart where I have pulled Fibbonaci Retracement Tool.You can see Bitcoin is consolidating around 61.8 Fib Retracement level.Usually Bitcoin mostly bounce back from this level in Bull market.I personally think BTC will consolidate here for few more weeks to gain energy for next up wave.Lets see what happens.Guys please know your thoughts if you have any different point of view.Thanks.
Note: The post is for education purpose and not an investment advice.