Miners Desperation Causing Increased Volatility?
I have oftened wondered the reasoning behind some of the patterns behind BTC. One of the biggest 'players' in the market are undoubtedly the miners. And one of the biggest pressures on them is the need to pay their electricity bills. Taking all other factors out of the equation for the time being, this means that at some point there will be increased supply. The want to sell at the best price possible to meet the bills has evolved into a strategy that undoubtedly affects the moves on the market. but it is a fine line to tread.
In a time of reducing interest due to the pandemic, (contrary to what the 'funny papers' say) - I should maybe say that by 'funny papers' I mean the vast majority of articles published by biased blogs looking to create an advantageous environment for their owners position). this fine line has become even harder to tread.
beware when the bills are actually due and there is no other option than to sell at market price, not even the bots of exchanges will be able to mop up the volume.
This is probably why we are seeing increased volatility at low volume. The two patterns highlighted would suggest that a proportional drop to the last one would take us down to the $1600 level...
Any whale worth their salt might try to preempt the bill sale and cash out some at the miners expense....who knows...we shall just have to wait and see. Blink and you might miss it!! Good luck to all.
PS Interesting conversation I had yesterday with a doctor where they are rushing through as many surgeries as possible at the moment. Why? Her words. "We are preparing for a second wave and expect it to be much larger than the first"....and Im in a country that has had one of the toughest lockdowns in Europe. I dread to think what an open US will look like after July 4th celebrations have taken place.
In a time of reducing interest due to the pandemic, (contrary to what the 'funny papers' say) - I should maybe say that by 'funny papers' I mean the vast majority of articles published by biased blogs looking to create an advantageous environment for their owners position). this fine line has become even harder to tread.
beware when the bills are actually due and there is no other option than to sell at market price, not even the bots of exchanges will be able to mop up the volume.
This is probably why we are seeing increased volatility at low volume. The two patterns highlighted would suggest that a proportional drop to the last one would take us down to the $1600 level...
Any whale worth their salt might try to preempt the bill sale and cash out some at the miners expense....who knows...we shall just have to wait and see. Blink and you might miss it!! Good luck to all.
PS Interesting conversation I had yesterday with a doctor where they are rushing through as many surgeries as possible at the moment. Why? Her words. "We are preparing for a second wave and expect it to be much larger than the first"....and Im in a country that has had one of the toughest lockdowns in Europe. I dread to think what an open US will look like after July 4th celebrations have taken place.
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