the cost of mining usually is treated as a good support line. but it appears many really dumped below that
(bears on a rampage)
as you can see by the red area on the right
https://i.imgur.com/yIudFiW.png
but it has looked to recover but still not out of the woods. the bears are still hanging around
Sweet graph. Is there a site that shows that graph of mining cost vs price?
And I would say we are out of that bear pocket. The mining price will probably be the bottom of the rising channel over the next few months as Bitcoin consolidates its price and builds strength for the next bull run.
i just grabbed the data for just the last 30 days (upto 29th)
and the price is still not quite out of the woods.
left side of the vertical red line is where the graph of previous post stopped. right of the red line then shows the next(recent) 10 days
once the blue (price) line stays above the orange(cost) line. then we are safely out of the forrest where the forrest bears live (out of the pocket) and then we will probably be n the field of bulls
but again still kinda on the edge and still can run in either direction right now
i have not found a good public chart that displays this.
but the data is available. i got the hashrate and market price data (in CSV format) from blockchain.info and with 30 seconds of copy and pasting, i made the chart
most dumb trend anals only look at price data and nothing else which i find shameful.
i found mining cost data to be informative because the october 2013 ramp up in price was due to ASICS first coming online and the
cost of mining jumped. simultaniously the market price jumped too. so there are some patterns to using mining cost data
but when you mentioned this recent drop being a "bear pocket" i instantly noticed the out of trend "pocket"(U shape).. wher the price went below mining cost (red zone in my previous post chart)
so yes this recent period was a "bear pocket".