Quote from: Baofeng on April 21, 2023, 10:27:17 PM

Quote from: dragonvslinux on April 21, 2023, 08:44:38 PM

Quote from: dragonvslinux on April 21, 2023, 12:48:19 PM

Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not

Well, there goes $28K support. It held well for a month but isn't holding anymore. With the -10% correction so far this week, I suspect we'll see a further pull-back next week unless $28K can be reclaimed by end of week. I don't mean to sound bearish, only realistic, as not convinced the 200 WMA will hold, nor $25K, as most of the volume is around $23K which is the realistic next level of support for price.

Either way it's a good time to accumulate I think. It's been almost a year that price has been in a wide range between $15K and $30K, so the fact it remains there is still bullish imo.

Yeah, unfortunately, the big $28k support has fallen, it's huge though, I mean we have been trading for this price for more than 10 days if I'm not mistaken, and it's really a big support for us in March which really pushes our bullish sentiments. But now that it has been broken, we might expect some bearish trend this month (I don't want to sound bearish, but still better to be prepared).

$28K was longer support for 10 days, price first reached this level over a month ago and consolidated for 3 weeks around this level before moving higher. If you ignored the weekly close last week above $30K, that now looks like a fake-out to the upside, then price has basically consolidated for over a month between $26.5K and $29K. In Bitcoin, this is actually quite a long-time to consolidate in a tight range.

Quote from: Baofeng on April 21, 2023, 10:27:17 PM

Not sure if you also look at the average mining cost of bitcoin, because it seems to be below as well right now. So again, just another data that I have been looking in the last couple of months to see if there is some correlation with the price action.

I used to keep an eye on this metric, specifically when hash rate was correcting or consolidating, but since it has started rising again then I've largely ignored it. Others on this forum have pointed out how unreliable this "average cost" basis, as it's impossible to factor the cost of electricity in countries where it's much cheaper, or otherwise the cost of mining with renewable energy that's much cheaper to maintain etc.

As far as I understand this cost basis would be based on the average cost of energy worldwide based on non-renewable energy, or maybe even just US-based. As generally it's hard to believe there would be such a large Bitcoin mining industry if the cost of production was around the same as the price of Bitcoin. This "average cost" is simply based on "mining at home" operations or otherwise "hobby mining" imo.