Crypto Industry News:
Online retailers have seen increasing demand for both new and used excavators, reports the Russian economic daily. Searches for devices designed to mine Bitcoin or ASIC on the Russian classifieds website increased 14-fold year-on-year, while the supply grew 13-fold.
The price of the unit averaged almost $ 1,600. The most sought-after products were Whatsminer models from the Chinese manufacturer Microbt, for which the demand grew 23 times. At the same time, the number of Antminer searches built by the Beijing-based company Bitmain was 11 times greater than last year.
The newspaper notes that after the capital of Moscow and Russia's second largest city, St. Petersburg, the main addressees of most orders were Krasnodar Krai, the Republic of Tatarstan and Sverdlovsk Oblast. This is despite the fact that these regions do not offer the lowest electricity rates in the country.
The graphics processing units (GPUs) used to mine Ethereum and other altcoins are also scarce due to the global microprocessor deficit, which has resulted in a similar rise in prices. In the first 10 months of 2021, GPU sales fell 15.8% year-on-year, although the market value increased by 129.6%. Suppliers and retailers have been forced to increase the price of equipment, but people are willing to buy at almost any price.
The plight in the graphics card market will persist as long as the crypto farms generate high profits. The deficit is unlikely to disappear by the end of 2023, but the delay in deliveries is sure to shorten, from 48-50 weeks to 10-14 weeks.
Technical Market Outlook
The BTC/USD pair had broken above the short-term trend line resistance around the level of $48,388 and is heading towards 50% Fibonacci retracement seen at $49,668 again. The nearest technical support is seen at the level of $48,253 and $47,529. The key short-term technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. The momentum is currently hovering just below the level of fifty on the RSI (14) indicator. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $41,678 would change the outlook to bearish again.
Weekly Pivot Points:
WR3 - $54,041
WR2 - $52,052
WR1 - $49,081
Weekly Pivot - $47,204
WS1 - $44,065
WS2 - $42,187
WS3 - $39,115
Trading Outlook:
The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).