According to my meme line analysis the proper potential triangular low is 5800 if you start from beginning of 2017 bullrun to now. Now, 5800 is absolute bottom resistance and for now, with good probability, we may, hopefully, never see anything below 6900 before a strong long dick run to 11k.
PantsOfShame
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@Lord_Joch, I hope, but indicators on weekly chart looks not so promising :/
nadjib
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ECONOMIC BASIC
There are a lot of speculations that bitcoin would go to 3000... well those who tell you that don't have a clue what they are talking about. Bitcoin/altcoins can be compared to stocks/gold/silver etc. Now some of you will be shouting at me that it is not the same but this is just an example.
In this case, we take a look at gold. To mine gold you need employees, materials, and insurance etc. When you add all those things up you will get a price that you have to earn from selling the gold to at least break even with the costs of mining the gold.
This is the same as bitcoin mining. It takes a lot of energy to mine 1 bitcoin and the equipment is also pricey. The average costs to mine 1 bitcoin are 4700 - 4800 dollar. If bitcoin would drop below this price a lot of miners would shut their systems down. Only the big companies would be able to mine with a small profit. We think whales/major investors would never let this happen. If you see the price dropping beneath this price range... sell every single crypto you have because we are going to shut down!
This is just some basic economics. If it the costs to mine something are higher than the sold product... why should you do it? The image below shows you what the mining costs are in a lot of countries.