amfeix

BTC:USD - Market Breakdown 31.05

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders and investors,
Things are not looking good fundamentally with BTC , as the so called “miner’s purge” that we’ve been talking about for the last few weeks is still going on, and as of right now the areas where Bitcoin mining is heavily concentrated is at risk of being shut down.
As if this is not enough, another thing that adds a tremendous amount of pressure on miners is the first difficulty adjustment that we had post 2020 halving.
This is the third significant downward adjustment since Nov 2019, If we compare the previous 2 downward adjustments that took place on March 2020 and November 2019, and their effect on BTC price, we can see that BTC Price also took a hit on both scenarios.
According to Bitcoin Difficulty Estimator, they’re predicting another downward adjustment between -17% and -11% to take place anywhere between June 4th and June 5th.
This will be the first time for difficulty to go down 2 times in a row in a very long time, which could also add pressure to the miners.
Now, It’s not a secret that China has the largest distribution of BTC mines in the world, with the largest btc mining pools being Chinese owned and controlled.
University of Cambridge recently put out some data where they break down the hash-rate by region in the nation, and it shows that Xingjiang region is in the first place with 35.76% of the of the hash-rate, followed by Sichuan with roughly 10% of the hash-rate. But why is this so important?
Well, there are news in the circulation reporting that Miners operating from this region are ordered to shut down. We did some deeper digging and found out that the whole story checks out, and there’s a document from The Peoples Government of Sichuan Province basically saying that all miners are ordered to shut down their operation in an orderly manner, and this has been going for some time now. So, if this stays limited to the single province such as Sichuan, it won't have any significant long term effect on BTC as the miner’s will be moved to other regions, but short term, it can surely add to the downward sell pressure.
Technically on the weekly time-frame we are still bearish and the key levels are still valid.As you can see this is the fourth week in a row that we fail to break the 9500/10,000 resistance.The chart structure of the weekly is still the same, we still haven’t broken the previous lower high.The other thing that correlates with the $10,000 resistance and the chart structure I mentioned above is the trend-line, that is previously tested two times, and we are now going for that third touch.As a general rule of thumb you should know that the third touch of the trend-line is what makes or breaks the trend.
If we combine everything together, there are multiple indications that suggest another downward push.

On the daily time-frame the price has been ranging between $10,000 weekly resistance and intra-day 8900 support, thus forming a daily ascending trend-line. As there’s not much room left between the trend-line and the resistance for the price to continue ranging, we should be expecting a breakout in the next few days. A break of the daily trend-line could easily take us to 8000/8500 support.


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Comments

here is what I have on BTCUSD from my markup
+2 Reply
Is this how you treat investors?
+1 Reply
@XbtShark, amfeix = scam
+2 Reply
why have to unregistered your company? Should we be scared? No reply from your team, all keep saying the same stuff with no actual reply to help us know. Please ceo, Talk with us like you used to, people are starting to lose faith and this is the only way you can keep this company afloat. Mass panic has already started and various facts such as changing of telegram channel to reserved, kicking out cory and no withdrawals since a lot of days are scaring everyone, including me.. Please be the man you were when you first started when we could talk with you.. Just help people to withdraw the funds as corona is affecting everyone all over the globe and some of us need the savings we have invested with you.
+1 Reply
amfeix XbtShark
@XbtShark, Please use the live chat and stop spreading false information. All announcements have been made and support is active 24 hours a day for any issue you may or may not have. Thank you.
+2 Reply
XbtShark amfeix
@amfeix, sorry ceo, but there was no one on live chat.. I trust you, I always have. Thats why i was asking to calm people. Thanks for all your efforts
Reply
Thank you for the update....guess we have to keep a close eye on the chinese...lol....;)
+1 Reply
Ceo? Yet to hear something from you
Reply
Why are the withdrawals not getting processed now that mempool is back to normal.. Why are the 3 recent withdrawals only happening and not the long list of other withdrawals?
Reply
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