Bitcoin further correction possible
Updated
Bitcoin has been on a correction for a few months now and has re-entered the accumulation zone (between yellow diagonal lines).
Currently The RSI looks to be in a descending wedge showing a lot of selling activity lately. The price is going towards the 0.618 Fib as well.
This selling can possibly be attributed to miners selling to cover their costs. The hash rate has reduced in the past few months for the major mining pools since the end of October
data.bitcoinity.org/bitcoin/hashrate/6m?c=m&g=15&t=a
The mining profitability is also at a 2 year low.
bitinfocharts.com/comparison/mining_profitability-btc-sma7.html
These further corroborate the selling activity from miners.
Now to the next few months will be the right time to accumulate as much bitcoin as possible before the halving.
The price right after halving could still kept low by the market makers to take advantage of the supply shock to take out more miners who don't have enough hash power to compete with the larger pools.
*Note: This is not financial advise. Please do your own research.
Currently The RSI looks to be in a descending wedge showing a lot of selling activity lately. The price is going towards the 0.618 Fib as well.
This selling can possibly be attributed to miners selling to cover their costs. The hash rate has reduced in the past few months for the major mining pools since the end of October
data.bitcoinity.org/bitcoin/hashrate/6m?c=m&g=15&t=a
The mining profitability is also at a 2 year low.
bitinfocharts.com/comparison/mining_profitability-btc-sma7.html
These further corroborate the selling activity from miners.
Now to the next few months will be the right time to accumulate as much bitcoin as possible before the halving.
The price right after halving could still kept low by the market makers to take advantage of the supply shock to take out more miners who don't have enough hash power to compete with the larger pools.
*Note: This is not financial advise. Please do your own research.
Trade active
Price going towards 0.618 Fib region where there is strong support.
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