Hi all, i am posting this idea as id like to get your thoughts on this situation with Bitcoin and Miners transaction fees.
Firstly, something strange is happening to miners' transaction fees. It has gone negative as seen in the following link:
www.blockchain....ransaction-fees?timespan=a...
(This is the first time in Bitcoins history in which this has occured).
Mining reward is following price action but will get halved next year.
Link: www.blockchain..../miners-revenue?timespan=a...
It's important to watch these two links over the coming months, as we will see if they provide an insight to the future direction of Bitcoin.
Lastly, attending to the lines placed on the chart. The long black line running across the chart shows a strong support area at around 6450$, that when tested previously, had only been breached once. As a result of the price hovering around the region for an extended period of time, causing increased selling pressure. This, plus the bullish channel in which the price currently sits within leads me to believe that this is the beginning of bitcoins rally. In addition the two blue lines represent a region that bitcoin has to pass in order to confirm the rally.
Thanks and Happy New Year!
Firstly, something strange is happening to miners' transaction fees. It has gone negative as seen in the following link:
www.blockchain....ransaction-fees?timespan=a...
(This is the first time in Bitcoins history in which this has occured).
Mining reward is following price action but will get halved next year.
Link: www.blockchain..../miners-revenue?timespan=a...
It's important to watch these two links over the coming months, as we will see if they provide an insight to the future direction of Bitcoin.
Lastly, attending to the lines placed on the chart. The long black line running across the chart shows a strong support area at around 6450$, that when tested previously, had only been breached once. As a result of the price hovering around the region for an extended period of time, causing increased selling pressure. This, plus the bullish channel in which the price currently sits within leads me to believe that this is the beginning of bitcoins rally. In addition the two blue lines represent a region that bitcoin has to pass in order to confirm the rally.
Thanks and Happy New Year!
