This weekend, Bitcoin showed absolutely nothing. It seems that the volatility of this cryptocurrency has sunk even more and now amounts to no more than $ 1,000 per day. Naturally, with such "mind-blowing" movements, the once most volatile cryptocurrency does not have to count on frequent changes in the technical picture. On the 24-hour TF, the instrument is still trying to adjust at least a little and is still located below the descending trend line. From above, the price is opposed by the Senkou Span B line and an important resistance level of $ 24,350. Thus, in the current conditions, we are inclined to resume the downward movement of the "bitcoin."
Meanwhile, miners have learned how to make money on bitcoin without mining it in the USA. It is, of course, a joke, but the situation that happened in the USA is very funny and revealing. One of the largest mining companies in the United States has turned off several of its farms due to a strong drop in the value of bitcoin and calls from the government to save electricity. Texas has the most favorable conditions for mining since electricity costs less here than in other states. However, July turned out to be very hot this year. Electricity consumption increased, and along with consumption, energy prices also increased. There was a shortage, and as a result, some households could even receive less electricity. Since the company bought electricity in advance at lower prices, all the energy that was not used was sold back to the supplier company at a higher cost, which made it possible to earn about $ 10 million. It remains to be seen what the miners will earn if the bitcoin exchange rate falls even lower than its current values.
However, many (including us) do not doubt that bitcoin will still show its strength. From our point of view, it's just that now is an absolutely unfavorable time and a fundamental background for bitcoin to show impressive growth again. It may take 2–5 years for the market to digest the new monetary policy of the Fed, and it is impossible to say what will happen after such a period. Recent years have taught everyone to be cautious about any forecasts. Nevertheless, if there are no new cataclysms and major military conflicts, we believe that the cryptocurrency market will be able to start a bullish trend again within 1-2 years.
In the 24-hour timeframe, the quotes for "bitcoin" continue to be located below the level of $ 24,350. Thus, the target for a new fall is now at the level of $12,426. Three times the "bitcoin" tried to overcome the $ 18,500 (127.2% Fibonacci) but has not yet managed to do so. We believe there are still no technical grounds for growth, and the rate of 5–10 thousand dollars per coin will become a reality in 2022. A rebound from $24,350 is a new signal for sales, and consolidation below $18,500 will confirm this signal.
