The sooner the market fully capitulates the sooner the bear market comes to an end, we may see THE low of this bear market made in the next few days rather than what I originally thought (beginning of 2019).
The next level of horizontal support is $3000 more precisely $2970, but at each leg lower I am surprised at how the volume tapers off. If it goes as low as $3000 and there is not a clear V bottom all bets are off.
From the production side of things it seems that bitcoin miners who have been spending $6000 to mine one coin would also come in at 50% off to rather than jump on new ASICs right away. Even the latest ASICs cannot mine profitably at these levels (a stock buyback of sorts.) This is assuming that the miners still believe in their business model.
The next level of horizontal support is $3000 more precisely $2970, but at each leg lower I am surprised at how the volume tapers off. If it goes as low as $3000 and there is not a clear V bottom all bets are off.
From the production side of things it seems that bitcoin miners who have been spending $6000 to mine one coin would also come in at 50% off to rather than jump on new ASICs right away. Even the latest ASICs cannot mine profitably at these levels (a stock buyback of sorts.) This is assuming that the miners still believe in their business model.
