Bitcoin (BTC/USD) What happened to the $20,000 support?
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The beginning of the mining capitulation is taking the price of Bitcoin below 20,000 dollars, we already saw it several times in the previous cycle.
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Graph: Previus Cycle. Mining Capitulation
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Graph: Now Mining Capitulation
As we see in the graph if we compare by week they produce less, daily they are selling more
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The positive side is that we could be seeing the lowest price of this entire downward cycle in the coming days or weeks.
The key to know if the lowest price is already, if it repeats the previous cycle is to see the hast rate of bitcoin. When it increases again, it means that the miners will stop selling their bitcoins to the market in the short term.
How did the fall begin to accelerate?
It all started with the fall of Terra Luna and then Celsius and several more, it's a domino effect that we don't know how many more it will drag.
Unfortunately if this continues the price of Bitcoin is not going to recover the 40000 anytime soon.
The positive side is that you will be able to accumulate for several more months at low prices.
Extreme Fear
We are at the level of extreme fear and these are not good times, many people are having a hard time, it is better to see it as a buying opportunity.
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Investors who have great fortunes buy at discount prices, when there is maximum fear.
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If you have already made your purchases and the price continues to fall, disconnect from the crypto market for a few weeks. A bullish rebound will come
Making periodic purchases during the bitcoin correction will lead to a better purchase price
Before making your purchases in Bitcoin think. Only use money that you will not need in 2 years so you will be sure to sell at a better price.
They're going to put out articles in the media saying don't buy the drop you expect, but no one knows to what price Bitcoin may drop. They are buying. do your own analysis
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With this fall the recovery will not be fast, we must be patient from now on.
What is the next Bitcoin price support
The next support is the midline of the 300 weekly chart
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It has already touched it in 2020 and from there the price has bounced upwards
Many investors do not buy at these prices, they expect the price to continue to fall, and then they do not buy if it goes down because it will continue to fall, in this way you miss the minimum price of Bitcoin.
Hunting for the lowest price is complicated, so it is recommended to make periodic purchases
What do you think?
Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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