$BTC UPDATE
As said in my analysis posted 2 days ago, here is the pictorial explanation of what I was talking about.
From the bottom of the chart are miners production cost and electricity cost, and currently we are having production cost support which boosts the price to pump to $37k now
What should we expect?
Personally, I expect $BTC price to pump to $40k resistance then from there, we may experience a dump to $34-$32k again.
In my second thought, we may have a quick test to $30k then jump again but we will surely have a wick and close bullish if so, but not sure of this
Now jumping from $34k would make us confirm where market is heading to again but I’m still bullish on it with reasons.
1st: Closing below miners production cost would cost market crash to Electricity cost at $20k and even below, and also would result to miners lost
2nd: closing at $30k or below may have negative impact on market, There would be long term bearish trend if so and we may experience a panic selling
3rd: This dip isn’t a panic selling but an organic selling and note, when someone sells, someone buys
4th: There is big falling wedge on weekly RSI since 2020 till date & soon we may have a breakout soon. You can check yourself
Major support now between $34k-$32k
Major Resistance: $40k
Let’s see how this plays out
GCI SIGNALS
As said in my analysis posted 2 days ago, here is the pictorial explanation of what I was talking about.
From the bottom of the chart are miners production cost and electricity cost, and currently we are having production cost support which boosts the price to pump to $37k now
What should we expect?
Personally, I expect $BTC price to pump to $40k resistance then from there, we may experience a dump to $34-$32k again.
In my second thought, we may have a quick test to $30k then jump again but we will surely have a wick and close bullish if so, but not sure of this
Now jumping from $34k would make us confirm where market is heading to again but I’m still bullish on it with reasons.
1st: Closing below miners production cost would cost market crash to Electricity cost at $20k and even below, and also would result to miners lost
2nd: closing at $30k or below may have negative impact on market, There would be long term bearish trend if so and we may experience a panic selling
3rd: This dip isn’t a panic selling but an organic selling and note, when someone sells, someone buys
4th: There is big falling wedge on weekly RSI since 2020 till date & soon we may have a breakout soon. You can check yourself
Major support now between $34k-$32k
Major Resistance: $40k
Let’s see how this plays out
GCI SIGNALS