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).
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.
https://en.macromicro.me/charts/29435/bitcoin-production-total-cost