BTC – Black Friday soon– sell -off – It won’t take long

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Guys!
Here it is another bloodbath. Yes, we claimed we wouldn’t fall below $5800. Fundamentally, it doesn’t make sense. When the price falls below $5800 mining of the BTC becomes unprofitable.

This forces many miners to switch off their mining machines and that actually happens.
The global hash rate has fallen 50% since its peak in the middle of October from 60 mln Th/s to current 40 mln Th/s. This long-term trend (since 2 years) has been broken.
Without the price going up this trend on the hash rate will continue. Without miners, there is no network and there is no business.
We also think whoever he is Satoshi Nakamoto won’t let that happen.
He is the biggest beneficiary of the whole business and we are sure he will exchange his BTCs over the counter (OTC) in order to buy up BTCs on the exchange and built the price pressure.
For more detailed info please look at our previous analysis.

Here are technical analysis details
• Before bounce back we can fall as low as $3666
• RSI- we are very low and heading to historical low at 26 points which took place at the beginning of 2015. We have right now 34 points so there is a space to fall a bit further.
• The price should quickly come to the level of $5800
• Hash rate of the whole network has fallen down by 50% - in order to inverse it the price has to go up.

Guys! We definitely don’t believe this is the end of the story. This is just the beginning. In a couple of months/ years time, we will all laugh at what is currently happening.
BTC and blockchain are the great inventions which revolutionize not only the economy but also our every-day life and politics.

“Keep your head up. Even if the road is hard never give up.” – Tupac Shakur

WBM Team
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Related Ideas

Both Coin Cap and Bitcoin arrived at bottom of triangular convergence.
Now, Can I expect that the drop is over?
What do you think about this? I want to hear your opinion.

1) Coin Market Cap

2) Bitcoin

@pkb6698, we can drop as low as $3666
pkb6698 WBM_Team
@WBM_Team, If 4.5k is broken, I think 3.5k is also possible.
pkb6698 pkb6698
@pkb6698, Hi, long time no see. I want to get advice from many chartists.
This is my personal opinion, concluding summary of the things below.
Futures(CME, CBOE) Expiration Date, 50days Pattern, Comparison with 2014
Where do you think is the most likely position for BTC to rebound?

@pkb6698, thanks for sharing
Did you ever consider that maybe this cost-of-mining price is a fabricated lie to get people to believe that Bitcoin can't go much lower than a certain price? You see, there is Bitcoin... and then there is the price. And the price is mostly caused by the powerful motions of WHALES. And WHALES control the media and news we read. Just sayin'.
WBM_Team mightytrader
@mightytrader, guys let stop widespread conspiracy theory. Time will tell. We are realistic/optimistic. Check the counter. BTC was supposed to be dead 317 times.
+1 Reply
@WBM_Team, Whales control the stocks. That's why FAANG stocks PUMPed so high... You see what Netflix did since summer '16? They PUMPed on low volume. Clear warning signs this summer that the top was in.

Not conspiracy; the whales have to make money. Fact of life. =D
WBM_Team mightytrader
@mightytrader, please look at our detailed analysis
WBM_Team WBM_Team
@WBM_Team, in fact, we fell below $5800 but look how we that calculated.
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