Crypto Industry News:
Bitcoin Cash and Bitcoin SV hash rate after a dramatic fall following halving in April returned to normal after Bitcoin hash rate declined to May 11
According to data, the Bitcoin Cash hash rate increased by more than 90%, from 1.43 Exahash / second (EH / s) on May 10 to 2.74 EH / s on May 13. BSV also increased from 1.1 EH / s to 1.78 EH / s. Both BCH and BSV experienced a sharp decline in production immediately after reducing the number of awards on April 8 and April 10, respectively. BCH hash rate dropped by over 80% within two days after block prizes fell from 12.5 to 6.25 BCH. BSV also observed a decline as miners transferred their computing power to the Bitcoin chain.
After April halving, Bitcoin blocks were one of the most profitable cryptocurrency mining operations. In anticipation of Bitcoin's halving, it was anticipated that miners with less efficient platforms would turn off their machines when revenues fall. To date, Bitcoin hash rate has dropped by 24% - from 137 EH / s before halving, to 104 EH / s - but not to the extent that BCH and BSV have experienced after their halving.
Technical Market Outlook:
The BTC/USD has been hovering around the level of $9,380 after a failed rally towards the $10,000 swing high. The local high was made at the level of $9,871 when the Pin Bar candlestick pattern was made , quite similar to Shooring Star. Please notice, this is the supply zone for the last rally as well. Any breakout higher will open the road towards the level of $10,000 again. Positive momentum supports the short-term bullish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $11,485
WR2 - $10,709
WR1 - $9,512
Weekly Pivot - $8,760
WS1 - $7,652
WS2 - $6,835
WS3 - $5,708
Trading Recommendations:
The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.
