BTC News:
MicroBT, a Chinese bitcoin miner manufacturer which is in a neck-and-neck competition with Bitmain, has launched three new machines.These are WhatsMiner M30S+, M30S++ and M31S+, MicroBT COO Jianbing Chen announced in an online conference on Friday.Chen believes the bitcoin mining hardware market is now entering the "3X era" - "low power consumption ratio, high stability, and one-year long warranty service" - referring to three features of new WhatsMiners.
MicroBT recently said that the power consumption ratio of WhatsMiner M30 series would be lower than 50W/T (watts per terahash). A lower W/T ratio helps bitcoin miners with a higher gross margin.
Technical analysis:
BTC has been trading sideways at the price of $7.090. Consolidation phase is in progress at the important multi pivot resistance at $7.100.
Trading recommendation:
Watch for eventual downside breakout of support at $7.000 to confirm further downside movement. The downward targets are set at the price of $6.555 and $6.490.Stochastic oscillator is showing the fresh new cross, which is sign that downside cycle is expected.
Resistance levels are set at the price of $7.200 and $7.300.
Support levels are set at the price of $6.972 and $6.555.