Current Market Cap: $126.19B(-$4.3B in four days) Bitcoin Dominance: 54%(+0.5%)
*
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are below the moving average ($3,920). High ranges at $4,000 and low ranges at $3,840.
Stochastic RSI indicates oversold conditions (4).
MACD shows we are just below the Zero Line and the histogram is slightly negative as well. This is definitely a re-test of the support zones in the $3K region which have been holding up quite nicely over the past few days.
Price Targets:
Entry $3,400- $3,920
Exit $4,000- $4,700
As the capitulation phase continues this week we have seen further declines in the BTC network's hash rate. This is mainly due to miners turning off their machines rather than operating at a deficit. We are essentially back at the mining power we were at 6 months ago, but still much higher than a year ago when the bull run really took off.
This has resulted in multiple difficulty adjustments in the BTC mining algorithm over the past two months as the network was designed to do, which looks like this:
As there are fewer miners competing for block rewards now the overall network power has dropped but this is a natural and healthy part of the market cycle. Basic economics governed by cost of production models due to electrical costs.
Additional benefits include lower fees and relatively low congestion on the network for those still using it. Amazingly the number of transactions per day (as well as new wallets) has been steadily growing since April. It also appears that a very large amount of crypto has been moving around so called "whale wallets" the past month or so as we set up for a major market move. The future of Bitcoin is exciting and anything can happen now!
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-11-30-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Keep A Strong Hand!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-increasing-dominance-and-shrinking-market-cap
My Latest Series:
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-1-when-to-buy
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-2-when-to-sell
*Never invest more than you are willing to lose and always do your own research before making any investment decisions. I am NOT a financial advisor and this is NOT financial advice- this material is intended for entertainment and informational purposes only. Hit "CTRL + or CTRL -" to change size of chart.
(All pictures are free domain images created by myself with the help of Coinigy.com.)
Thank you for being here for me, so I can be here for you.
Enjoy your day and stay creative!
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Awww I feel the love :-D
This post was upvoted for being original and creative!
Keep up the excellent work! Thank you for being a supporter of the Creativebot.
Much love. <3
No, thank you!
Did Bitcoin hit 4k today?
Very briefly this morning. Triggered one of my sell orders but I shoulda dumped all of my BTC and rebought 5% lower today :-/
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SICK! Keep up the hard work and hope you get more delegators soon.
BITCOIN is still moving between the range of $4,450 and $3,760. If BTC were to drop below $3,760, might head to the next potential support at $3,000. $3,000 being the potential support . This might prove as a make or break moment for BTC . However, if BTC heads to $4,450, it might return back to $6,000 range. Have to monitor what happens over the next few days.
Well it is going to get worse before it gets better because of the loss of miners and capitulation. I forsee a further drop before the market starts to recover again but that is only because of the cost of production.
Best wishes for bitcoin, Steem and many of the other cryptos seem to ride it's wave :)
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