Mid-Point of Mining Production Cost Bottom

11 mars 2020

I've gone back to much simpler (than usual) charting for the higher time frames - the bottom is in line with the midway point of the current miners production cost. We all know BTC likes to zig and zag as well as repeating the same patterns over again. I believe we are in for more downside until we find the bottom around the production cost midway point of 5.5k area, then form an inverse H&S breaking up into a bullish channel towards the end of the year.

An even more bearish scenario in red where we make a H&S again and accumulate around the 4-5k level before the real breakout.

12 mars 2020

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bit earlier than expected!

12 mars 2020

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A wick to around the 4.3 support area before the recovery begins, 4.8k would be the accumulation zone.

I've been reading a lot of SN quotes regarding BTC, from all the whitepapers and forums. The production cost has always been of particular interest. With the halving and this black swan event, the perfect storm of sucking in retail has brewed.

Now, the mass shakeout has begun and even the strongest of hands may fold. Standard procedure just scaled up in this environment.

12 mars 2020

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Target acquired!!! $4260 on BitMex!!!

14 mars 2020

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Please check out my other charts and feel free to get in touch if you need any help, questions, comments or some good discussion :)