The bitcoin hash rate has been recovering nicely since the miners purge – now crossing 100mTH pushing up towards 110mTH level.
The difficulty looks healthy as-well, according the data from Bitcoin Difficulty Estimator, we should be seeing an increase anywhere between +10.14% to +18% with the next adjustment. This looks great in comparison with the last adjustment where things were nasty.
So mining fundamentals so far are looking great.
Another important thing that’s expected to affect the price is the .
If we take a look at the of the top exchanges, you can tell that the has been drying up throughout May and the beginning of June. This is not in favor of the market manipulators and exchanges, as there is no money to be made for them. Knowing how common this market Is manipulated, these big players will probably look for a way to create a surge in in order to boost the market, which is where they make most their money.A dump would not make any sense, so we could be seeing a mini surge to the upside which could get the market excited, and thus the will be increasing.
Technically the market is in sync with our previous analysis. On the weekly time-frame we haven’t changed much, as BTC is still struggling to break above the 10000/10500 resistance. The weekly trend - line has a nice correlation with this level, we’ve tried to break above this level for the past two months but we never succeeded.It’s worth mentioning that even though BTC tried to break above this barrier, multiple times, It almost never reacted with a huge rejection to the downside, this shows that the selling pressure from this level its starting to wear off.
As the price continues to move side-ways the chart structure remains the same, we’ve formed an equal higher low a.k.a formation. Long term, technically we look like there might be a dump before moving higher, as we are still in a downtrend, my bias will not change unless we break above the previous higher low and completely change the trend, however, in order to trade the trend all along and capitalize on every movement, we should be taking a look at the lower time-frames as well.
At the daily time-frame as covered in the previous article, we finally anticipated the breakout of the intra-day trend-line, which resulted with a downward push to our short term target of 8800 that now’s acting as a support. Bitcoin now is moving slow and there’s no major suspicious trading from the big wallets, according to the wallet data from Exocharts.Short term, upon rejecting the 8800 support, we should be heading toward 10000/10100 level to re-test the – this movement would also make sense fundamentally as it would be a perfect opportunity for the whales to create a much needed surge in .