Michael_H_Peter

NVIDIA, Bitcoin, Ethereum, Miners, Last Dump (The Connection)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello people, I eventually came to a logical analyzing point today. BTC still keeps the proper $3600-$3700 support area which is good for our expected high jump. This might be the last high jump this year since lots of people, giant companies and etc. are waiting to sell.

Ethereum's last Monday's rocket proved that people believe in Ethereum more than in Bitcoin . Why should I mention this here and what's the connection, because last Sunday Ethereum jumped from $110-$130 first. I believe lots of people sold in $130 area because no one was expecting another jump on Monday until $160 (Close to 30% jump). So the $130-$160 jump means that more and more investors are buying Ethereum . Lets talk about those ones who sold at $130 area. I bet those people bought Bitcoin , because Bitcoin didn't make such a crazy high jump like Ethereum did. Bitcoin's $3900 area was a good chance to close their positions by assuming that in the future they can trade their Bitcoin for Etherium for a lot better price. So while those guys where closing their positions in Bitcoin the BTC price was rising. The traders from other hand used the chance and made their profits by lowering the price and are waiting for another good bottom. I believe that the current support zone is a good area and is a buying zone right now. When Bitcoin reaches our expected high at $4400-4500 I think a huge volume of selling blood bath is going start there (I don't think it is going to reach any close to $4900 for right now).

Nvidia's stocks dropped by 60% since last October. Over here we can just assume that miners stop mining and don't buy any video cards anymore. Nvidia is short in sales that's why it dropped like that. (Good News for PC Gamers, the video card prices are going to drop lol) So if the miners are not mining, how the Bitcoin's blockchain is going to operate? (If you guys have any ideas about this one please share) So what about those miners. During all this time while we were drawing nice pictures here, they were mining right and we can assume that they mined enough Bitcoins to start that selling blood bath because they are angry now. Those guys put lots of money into the mining gear and don't have any profits right now.

When that blood bath starts I think the price will hit another $2xxx-ish bottom.

Thanks a lot for reading and Happy Upcoming New Year to all of you guys.

P.S. Please share you ideas for me any ideas is interesting right now.
Comment: I don’t think this 3580 drop is a capitulation point. The market wants to see one more high! If it goes back to 3600-3700 expect a rocket jump!
I agree with you overall but i think the second wave driven by retail market and FOMO will push BTC to 4900-5200 before the big drop
+1 Reply
Michael_H_Peter Followmytrade
@Followmytrade, I wish but we have lots of hungry bearish miners now who wants to quit from crypto market.
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Followmytrade Michael_H_Peter
@Michael_H_Peter, True, i just read that many miners in China closed shop
+1 Reply
Michael_H_Peter Followmytrade
@Followmytrade, Yap. Closed shops are not dangerous! Dangerous are the mined coins which might dump the market now!!
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