BITCOIN mining revenue has indicated every single price bottom
Hey guys just wanted to share something.
This chart is the Bitcoin mining revenue which is a combination of the number of coins produced, transaction fees and the market price. All of which I think you'll agree are important factors for Bitcoin miners.
As you'll see the price bottoms of bitcoin coincide exactly with mining revenue bottoms. What's even more illuminating is that mining revenue always closes the structural gap to the a previous resistance level (green horizontal lines).
This allows us to determine with relative simplicity when Bitcoin has bottomed.
Chart is available by entering QUANDL:BCHAIN/MIREV in the search box.
This chart is the Bitcoin mining revenue which is a combination of the number of coins produced, transaction fees and the market price. All of which I think you'll agree are important factors for Bitcoin miners.
As you'll see the price bottoms of bitcoin coincide exactly with mining revenue bottoms. What's even more illuminating is that mining revenue always closes the structural gap to the a previous resistance level (green horizontal lines).
This allows us to determine with relative simplicity when Bitcoin has bottomed.
Chart is available by entering QUANDL:BCHAIN/MIREV in the search box.
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