BITCOIN (BTC/USD): Daily Update [Fuck Haejin's subscription!]
Quick update on the Bitcoin's chart presented yesterday.
This is what I posted yesterday:
https://steemit.com/bitcoin/@luiggih/bitcoin-btc-usd-hammer-time
And this is what has happened
BITCOIN/USD has broken the pennant downwards. However, it is still possible to draw a bullish channel.
This bullish channel could be a bearish flag if the underlying trend has not changed (super bearish scenario)
However how low can bitcoin go before all miners quit?
Some people say that below 8k mining starts to be unprofitable for several countries.
Other say that below 6k is no profitable in most countries.
If you got a good answer about the minimum price that miners need to keep mining don't be shy and post it up in the comments section!
Good question, difficult to answer but really very important to figure out.
A good point to start is to analyze the trend in the cost of the ASIC mining hardware. Then, do a research about the electricity cost per countries, specially in Asia (China) Latin America and Scandinavia.
I let this open letter open for someone with time and energy to do it! :P
Thanks for oyur support !
De nada crack!
Hablo en inglés modo automático. Cojonudo que hables Español.. nunca me acuerdo!!
¿que mierda Están diciendo? hablamos americano por aquí!
Does hash power come down to meet price or does price go up to meet hash power .....
Hash power will likely go down if price goes down. Mining starts to be unprofitable and the small farms that barely breakeven will choose to stop.
Other mining farms that can bear the risk of Bitcoin not going up in a while, could continue mining to gain as much BTC as possible for the long run (even thought they would be loosing in the short term)
Anyways is a good point. Trends in hash power could show some insight about what the whales thing about the market in the foreseeable future.
May I add to this conversation? If the installed mining equipment capacity is place, they already have made the capital expenditure. I think they keep mining a bit below their operating costs/bitcoin. If it stays below that for some time, I wonder if all the companies planning and installing mining capacity slow down their capital spending?
Etherium is working on an alternative blockchain operating method to move away from Proof of Stake (PoS). I wonder how this will affect the mining companies? I understand the target is about 2 years from now.
I have a sizable investment in mining company HIVE. They will have 44.2MW of installed capacity in place by September. I asked them in an email about the threat of blockchains moving away from mining. They said they are aware. I think they will be moving into other crypto investments to diversify as well.
Miners can also more easily hedge with futures, letting them operate while losing some money.
That's a good point. Many of them will also hold onto their mined coins an can sell them as needed to cover operating expenses.
So if price holds above the blue trend line and it can break out of the red bear trend line, we could finally get a breakout.
Can you do a post explaining Fibonacci levels?
That's right. Only one more bear trend to break before a substantial rally happens!
There are supply levels around 8.8k and then there is a clear path till almost 10k.
Once again, after 10k, several shorts will close positions or will run for cover pushing the price higher to 11.5-12k.
That's my main thoughts right now about how Bitcoin price can evolve.
Thanks for your daily support, this post is dedicated to you! I'll do a post about fibonacci soon too!
I like the play by play of how we get to 11.5-12K.
Thanks for the dedication. I'm honored:)
Hash rate is still in a healthy upward trend - so these investors in new mining equipment and the upgrades of parties long in the mining business are still very Bullish on the potential of Bitcoin.
Looking at the psychology of involved parties in the Crypto space - they are unstoppable at the moment. To them its just another year in Bitcoin and in that Time frame, Bitcoin has never dropped.
Bitcoin is a new Technology - New Technology never fails in the Western world - this has been the case for 2000 years - it wont change now.
The Gutenberg Printing Press of the mid 1400s was far more frightening than Bitcoin could ever be - yet it flourished.
The matra of the West is simple - it is far better to give the masses technology than it is to give them knowledge!
A man with knowledge learns - his time is spent learning (not producing)
A man with Technology makes things, his time is spent (producing)
The Western puppet masters are not stupid.
Technology always wins in the West and thus throughout the world, eventually - Just like the Printing Press, the Airplane, the Steam ship, the phone, the Internet, AI, Bitcoin.
Never thought about like that, a worth wild exercise to figure out. I will try and do some research.
Let me know your results!
Update EOS?