BTC – beware of the channel – 1 month to halving

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Guys!

Here is the most honest version of the current situation on BTC .

As you can see we are in the long-lasting tunnel which started in May 2018.

Since that day we did not manage to jump out of it.

All movements were present inside it.

In order to change the trend, the price has to jump over the current resistance level at $4400.

But before that happens we have to bounce up the before mentioned channel so the price has to break up the level of $4200.

Unfortunately, there is not much volume right now but…

We have only one month left to be one year before halving.

Every time this happens the price of the BTC starts growing.

This time it should be the same.

Another positive info is that that we observe BTC network hash rate growing.

We had a significant break down in November 2018 (along with the price) but since the beginning of December 2018, the hash-rate is growing.

We gained 50% just in 4 months which is absolutely great!

This biggest hash rate the network has, the more secure the network is thus BTC is more trustworthy and wins more interest and investors.

The negative scenario is that the price won’t be able to maintain its current price and fall below the current support which means we will fall below $3500 - $3200.

Time will tell.

We will find out within the upcoming days/weeks.

Write in the comments section what do you think about it.

Thank you for your time and reading.

Have a great day!

WBM Team
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Related Ideas

except that bull started 9 months before halving, not 1 year last time
@soosh, thanks for sharing.
Speaking of hash rates. In most parts of the world it costs more than $3,500 in electricity just to produce 1 Bitcoin. If prices continue much lower miners might as well sit on the new Bitcoin rather than sell it into the market at a loss.
Great charts as usual.

Thanks a lot for sharing.
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