Every new generation of bitcoin miners that come out near a trend reversal have influenced the price. Bitmain and Cannan have both admitted that they have new 5nm Bitcoin miners in the works and are a few months away from production. The reduction of 1st spend coins being sold daily by large farms since Q3 of last year to acquire capital for these new miners will stop near the end of Q1 and signal to institutional investors that the bull market is on. The amount on fiat on-ramps into crypto are much greater in number than in Q2 of 2016 when the Antminer S9 was released, also current political climates between USA & Iran/China may create the perfect storm of buyer interest globally.
Good News : I see at least a retest of the 20k ATH by the beginning of Q2.
Bad News : Not until after we get a final shakeout from the current position around 8k to the 5.6k support level that was once resistance back in late April of 2019.
A good short for now, but it won't last long. Once the large mining companies have their war chests full, the selling pressure is going to dry up real fast.
Good News : I see at least a retest of the 20k ATH by the beginning of Q2.
Bad News : Not until after we get a final shakeout from the current position around 8k to the 5.6k support level that was once resistance back in late April of 2019.
A good short for now, but it won't last long. Once the large mining companies have their war chests full, the selling pressure is going to dry up real fast.
Trade active:
There's been a steady dump of 1st spend coins from a large mining farm almost every day when the Asian markets open, except for yesterday. This makes me think a large move is coming today. Either they know a pump is coming and they're holding those coins for a higher sell price, or they're going to be part of the dump and their coins will be part of it.
Trade closed: stop reached:
decending wedge broken, with multiple days of support above it.