WHAT TO EXPECT FROM BTC

UPDATE

As said in my analysis posted 2 days ago, here is the pictorial explanation of what I was talking about.

From the bottom of the chart are miners production cost and electricity cost, and currently we are having production cost support which boosts the price to pump to 37k now

What should we expect?

Personally, I expect price to pump to 40k resistance then from there, we may experience a dump to $34-32k again.

In my second thought, we may have a quick test to 30k then jump again but we will surely have a wick and close bullish if so, but not sure of this

Now jumping from 34k would make us confirm where market is heading to again but I’m still bullish on it with reasons.

1st: Closing below miners production cost would cost market crash to Electricity cost at 20k and even below, and also would result to miners lost

2nd: closing at 30k or below may have negative impact on market, There would be long term bearish trend if so and we may experience a panic selling

3rd: This dip isn’t a panic selling but an organic selling and note, when someone sells, someone buys

4th: There is big falling wedge on weekly RSI since 2020 till date & soon we may have a breakout soon. You can check yourself

Major support now between 34k-32k
Major Resistance: 40k

Let’s see how this plays out

GCI SIGNALS

majortyga

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