Bitfinex longs at ATH level and keep climbing.
-What happened before at bear market 2018? (Number 1 Situation)
When price at $6000 level some miners closed their mining systems because mining was not profitable enough for them.
After they closed their system hash ribbons indicator warn us like " Capitulation " ( It means that, hash power that generating from all miners has decline trend.)
In other words 30 SMA - 60 SMA are death crossing.
Important thing here ; even miners turned off their systems BITFINEX LONGS were growing. At the same time price found bottom before as you see.
I am assuming; some miners were sold as much as they can and they dumped the price while they opened long on BITFINEX. (Win + Win)
First Win : They have good long position as you see price at $3100-$3500
Second Win : Some miners had to close their machines and they had relative more BTC award from mining.
-What i am expect now? (Number 2 Situation)
Almost same situation here as you can see. Price is dropping, BITFINEX longs are growing, Hash ribbons showing us " Capitulation "
I am assuming that they are dumping price again but they are secure their BTC value at BITFINEX to opening a long.
They get lower entry for long. Small miners are closing their machines because they know that its not profitable enough right now.
As a conclusion ;
I am thinking as a miner, i can sell as much as i can from spot exchange to dump price. And opening a lower long while this is happening.
And shakeout weak miners as much as i can. Try to reduce difficulty to get more benefit.
SO, its not mean that we found our bottom yet. Still lower price on the table but one more good thing as bull,
After miners run out of BTC, they won't sell until halvening. And i am assuming that price will growth.
Nothing here financial advice. Follow and like for more. Thanks.
-What happened before at bear market 2018? (Number 1 Situation)
When price at $6000 level some miners closed their mining systems because mining was not profitable enough for them.
After they closed their system hash ribbons indicator warn us like " Capitulation " ( It means that, hash power that generating from all miners has decline trend.)
In other words 30 SMA - 60 SMA are death crossing.
Important thing here ; even miners turned off their systems BITFINEX LONGS were growing. At the same time price found bottom before as you see.
I am assuming; some miners were sold as much as they can and they dumped the price while they opened long on BITFINEX. (Win + Win)
First Win : They have good long position as you see price at $3100-$3500
Second Win : Some miners had to close their machines and they had relative more BTC award from mining.
-What i am expect now? (Number 2 Situation)
Almost same situation here as you can see. Price is dropping, BITFINEX longs are growing, Hash ribbons showing us " Capitulation "
I am assuming that they are dumping price again but they are secure their BTC value at BITFINEX to opening a long.
They get lower entry for long. Small miners are closing their machines because they know that its not profitable enough right now.
As a conclusion ;
I am thinking as a miner, i can sell as much as i can from spot exchange to dump price. And opening a lower long while this is happening.
And shakeout weak miners as much as i can. Try to reduce difficulty to get more benefit.
SO, its not mean that we found our bottom yet. Still lower price on the table but one more good thing as bull,
After miners run out of BTC, they won't sell until halvening. And i am assuming that price will growth.
Nothing here financial advice. Follow and like for more. Thanks.
