We are retesting support again. The more often we retest a level the more likely it becomes to break it.
Last two times we saw volume coming in at this level and pushing us right back up. At the moment volume is not there. So if it stays like this I believe we will break lower. Should be decided within the next hours.
Its a good time to buy for a long term hold, but not enough indicators yet for a trade I would say.
PS: Volume on the daily is really really nice. Its like in the last bullrun. Lots of accumulation I would say.
Another view on BTC chart, that shows imho that we are at or close to the bottom.
I mentioned it before. But here you can compare volume of the breakdown to the volume now.
Since we are trading under ~5k Volume started to rise a lot. Means there is lots of panic selling AND buying going on. If this continues (looks like it will) all the sellers will be out of the market.
I do not foresee us dropping under ~$3100. That is the average electrical cost of mining a single bitcoin before the extra expenses for hardware, rent (for bigger dedicated mining), etc. I would assume the 3480 range would be more of a total actual cost bottom with the extras added in (Iām completely guessing there).
With that said, we could easily wick down further briefly, but I donāt see us dropping under that 3100-3500 range for any length of timeā¦but Iāve said this so many times on many different price points for countless coinsā¦so who the heck knows anymore. All I know is Iām long and Iām buying each mega drop knowing it WILL all go back up in time. Crypto isnāt going anywhere.
Thatās correct. However, thatās assuming miners drop.
Many wonāt drop while expecting others to do just that, thus keeping the difficulty high. Iām a small miner myself and Iāve actually bought more cards to mine expecting exactly that. Even though mining is breaking even or with a slight profit/loss currently, the difficulty is not changing significantly. But if they do begin to drop significantly, then I do agree with your assessment. But right now we have not seen any significant mining drops. All we see is scare tactics that it is happening with that video going around showing a bunch of hardware being wheel barreled out of a mining office which happened during the massive floods. So weāll see.
I just noticed we have a mini Elliot wave pattern on the ETNBTC 4 hour chart that is moving toward the āEā for a potential break up. I see no reason for it to do so without any news unless the bears are simply exhausted and we have no where else to go but up.
The only small problem is the āDā is a wick touch, not a close. Whether it is or is not, itāll be fun to watch as we approach the descending triangle tip.
A true Elliot wave almost always breaks whichever way the E point is goingā¦in this case up.
However, that pattern is not 100% accurate because I am using wicks to complete the pattern. So it may be a false formation that resembles an Elliot waveā¦but looking at the orders on various sites, the current direction would appear to be up with a ton of support in the 200 sat range. It is going to break one way or another in the next 8-12 hours, I just donāt know how hard that break will be. If we go up, we should test 215 sats. But, Iām inclined to say we will go down because that is simply the trend right nowā¦but that trend could reverse at any moment without warning.
All that said, Iād say 50/50 in this particular caseā¦hope for the best, expect the worst.
Correction on the time frame for a break. Itās not 8-12 hours I was looking at the wrong time frames. We still have until the 30th in this particular triangle patternā¦so we will see it do something by late morning Friday US Eastern time.
This is not acurate, but is not far out, i did a elliot count, and used the 5 as a major and abc as corectiv, and it can be correct, can you teak a look on that, because i dont have any chart to do it on, i have never used the chart on cryptopia.
can the ABC count you have a 12345 count be a correctiv count? I am bad at elliot count so i am just asking i am only a TA privat student on my computer trying to learn