This is the beginning of the phase where people should be afraid of holding bitcoin
, even if they believe in the technology. Anything below 2200 could signal a total breakdown of the structure 1k easily, 400 possible, or less for the reason that follows. Of course mining difficulty could decrease, but it just became 11% harder and will not downgrade for over 2500 more blocks which may be difficult, or impossible for people to complete at profit if below a certain bitcoin
price. It's in many ways the perfect storm. Also! 2200 is the fibonacci extension
if one uses a short profile from the top to the intermediate bottom that the first test of 10k made- Convenient.
There are a few minor supports left after 7500 for Bitcoin
, which I have pointed out, but 2200-7500 is the block area where a few miners will begin to find it unprofitable to mine bitcoin
on the top end and all miners will find it unprofitable to continue mining at the low end. Since the top end of this range is breaking with a quickness, the next few days and could contain a precipitous drop to the bottom end for bitcoin
I put 4200 as the only major resistance on par with 10k that will come as that is the .78 retrace of the entire value of bitcoin
from 0-peak and the last fib retrace ratio before 100% or near 100%.