I found some intriguing coincidences that happened in the Bitcoin-sphere.
Since summer 2018, 2 remarkable facts have happened:
- Bitcoin started trading outside (below) its historical price channel that it had traded within for 8 years, since the trading of Bitcoin began in 2010
- Mining Bitcoin became unprofitable for (cloud)miners
Now I found a very close connection between these 2 facts, as it only struck me just recently, that BOTH these events happened on the VERY SAME DAY.
To see what I am talking about, let's first take a look at the historical Bitcoin trading chart (logarithmic scale):
(data from these chart come from https://www.coindesk.com/price/ )
On the weekly Bitcoinwisdom Bitstamp USD/BTC chart, these channel lines look like this:
This a large view of the daily chart:
And when we zoom in on the daily chart, things get interesting:
- the closing and opening of the first big Down Spike of 5 and 6 Februari 2018 has acted first as a crude support that later in the year turned into seriously strong resistance
- the ascending red line is the bottom line of the historical channel; at first Bitcoin did not reach it, but a couple of days later it slightly spiked through it on 29 June, in July it spiked through it a few times but then the big upsurge began.
- when it tumbled back down later, for a day or two Bitcoin found support on the support/resistance we discussed above
- and on 7 August Bitcoin definitely fell through both the support line, as well as through the historical trade channel
Now comes the most intriguing part of my research:
- on 7 August Genesis Mining stopped paying its cloudminers, as mining Bitcoin became "unprofitable"
- on the same day that Bitcoin started trading OUTSIDE its historical channel
- since then Bitcoin started trading in a mysterious sideways move with ever diminishing historically low volatility
Coincidence?
To me this is all too much to be a pure coincidence.
My opinion is, the Big Miners and other Big Players in Bitcoin are over their heads in this market manipulation of Bitcoin.
What are your thoughts on this subject?
Great finding!
I being following ur posts, but seldom login to comment.
wish to get ur opinion on the btc and eth chart. now it seems to be a narrowing wedge, what will u think happened after that?
will some events happen on 11/11/2018(2018=11) lead to a spike up/down ? thank u
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Hey, thanks for the comment.
I have never studied ETH well, but when I look on coinmarketcap at the logaritmic scale, I see that on 31 July 2018 ETH fell through its historical ascending baseline.
I made a chart here:
ETH now being at 0.033 BTC, the descending resistance line suggests that it will be very difficult to double its value in BTC.
The general trend for over a year looks rather downwards.
But I don't know too little of its fundamentals to say it will catch up and outperform BTC or not.
On the smaller time frames it is just a guess for anybody.
Cryptokirby is a swingtrader on YT that likes to play these breakouts, he may be more competent than me on this subject.
Hope you find these thoughts somewhat useful :)
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thank you !
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Well bitcoin is really playing with sentiments of holders now
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