New Ascending Support Trendline for BTC/USDT
Today Bitcoin broke its support trend line after the Bitcoin network hash rate dropped 50% from 218 EH/s to 109 EH/s due to the power outage in Xinjiang China.
According to "news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/", the founding partner at Primitive Crypto, Dovey Wan said :
"Xinjiang and Sichuan combined together have well over 50% of the overall hash rate. We hope we can have more distributed hash rate in the future for resilience purposes."
The hash rate has gone back to normal now and it is yet too soon for Bitcoin to completely break out of its bullish phase, therefore we must see this as Bitcoin creating a broader ascending channel for it's bullish movement.
According to "news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/", the founding partner at Primitive Crypto, Dovey Wan said :
"Xinjiang and Sichuan combined together have well over 50% of the overall hash rate. We hope we can have more distributed hash rate in the future for resilience purposes."
The hash rate has gone back to normal now and it is yet too soon for Bitcoin to completely break out of its bullish phase, therefore we must see this as Bitcoin creating a broader ascending channel for it's bullish movement.
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Bitcoin has rejected its new trendline and support area. It could now be a Wyckoff distribution schematic. You can view my next published idea for next targets