The Bitcoin even topped 5,400 USD (Bitstamp) on Monday, peaking at 5,439 USD at the day´s high. He was almost as high as on the 10th of April. In the wake, of course, the Altcoins, all of which were also in plus. What you do not see in the logarithmic 4-hour chart of Bitcoin (BitStamp on TradingView) is the fact that Bitcoin’s rashes on Monday all initially went up, before selling off again. You can already get the feeling that the Bitcoin still wants to go up.
The upper edge of the blue channel is around 5,700 USD (Bitstamp), and the 6,000 USD magic mark, which helped support 2018 as a whole before it gave way, is not far off. If the Bitcoin reaches this 6,000 USD, you may be curious how big the resistance will be then. It will not be easy. Well, Bitcoin still has room for an upwards move, as already discussed in the last blog.
Nice to see at the bottom of the chart the ratio of short (red) to long positions (grün) on the platform Bitfinex. The short positions are slowly but surely increasing, while the number of long positions remains almost the same, rather even falling a little bit. So they are the skeptics among us, who are more likely to bet on an impending downward movement. And anyone who follows this blog knows that I also belong to this group of skeptics. I still expect a bigger setback that will come tomorrow, this week, next week or only in May. And if it comes, it will lead Bitcoin under 4,000 USD.
Accordingly, I have positioned myself with my eToro account CryptosWithB66, exactly in the middle between further up or down. I have invested 25% of my capital in Bitcoin, Ethereum, Ripple, Bitcoin Cash and IOTA. On the way up to the resistances I have already dissolved positions with profit. If things continue to go up, I’ll definitely be still in and start buying in safe regions. And if it falls, I have enough capital to buy at cheaper prices. In the meantime, I’m just waiting to see what happens. There is no pressure to act.
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