Update on previous TAs
I think Bitcoin is either in Accumulation Phase or in Redistribution Phase. The Bull Trend in Monthly is still in tact. Most Likely to continue the Bull Rally, if Monthly support holds. In the Weekly, I’m paying attention into Histogram in the weeks to come as the selling pressure is declining. Weekly still below 50 level – hoping for a reclaim to validate the argument. Weekly extremely oversold. Weekly MA 50 is holding the price from falling. If this is accumulation phase, then it’s definitely good. But in case of redistribution phase, we may see $ 20,000.00. If we see 20K, I think I will pay attention to Monthly because it may give a crossover which is not good for holding Bitcoin for a time of 6 months to 18 months. If 20K happens, I think I will evaluate the Counts on Weekly and . If still above 29.3K, I think above is on the track.
still looks good uptrend for the past 10 years. I think support at $ 29,300.00 is a very relevant support. I hope it will not break. Please the chart, you notice how relevant the monthly support is. It gives 35x returns in the past Bitcoin Halving.
If Bitcoin makes another 35x, then see the chart.
4HR & 1HR
The Bitcoin Miner from China still on relocation of it’s Crypto Mining Equipment for the past 3 months. We know that this is due crackdown. Those Miner still mining as the Global Hash Rate declines gets better profits recently even though the price is declining. Currently, the Global Hash Rate increase from 80 EH/s to 110 EH/s as Miner now start operating their machines. I think the next weeks to come the Global Hash Rate and Mining Difficulty will increase. It go back to 150 EH/s to 200 ET/s. Thus, Mining Difficulty increase.
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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