I would not have thought that Bitcoin would see so soon the green upward trend line, recognizable in both charts. But it is obviously so. Seven negative red and one neutral day have brought Bitcoin back here. From $ 8,200 (Bitfinex) to $ 6,847 at the current low. I want to make it short. The green trend line, which also stands for the support range between $ 6,700 and $ 6,800 USD, should stop the further descent of Bitcoin and cause a reversal up to the formation of a double top. Should it fall, there will be no longer so strong support for a long time that could stop the fall of Bitcoin. So far the chart theory. But that’s just one way to look at and evaluate the whole thing.
For much more interesting, I hold the second angle. This rapid descent of Bitcoin (7 negative days in Bitcoin in a row there was last crash year 2014) was in my opinion accompanied and reinforced by targeted sales promotions, to put it a little more harmless. As soon as the Bitcoin showed signs of recovery, they are nipped in the bud again. The question that arises for me is, at what price should the Bitcoin final be brought. And technical aspects certainly do not play a role here. On the one hand, I think the price should be as low as possible to further increase the Bitcoin stock and, on the other hand, that the Coin Market should not be destroyed and crashed, especially with regard to upcoming decisions such as those of the ETF. I can not say what exactly that means in USD. But the way in which Bitcoin, Ethereum and Ripple are being cautiously pushed to their limits of support, and sometimes even beyond, without giving them the final push is a sign that the end is over the descent is temporarily in sight. Could be, must not be.
As long as the Bitcoin does not fall below the green trend line and the chance of a rebounce exists, I feel in my long positions still reasonably well. The low capital investment in the long positions currently ensures that the stress caused by falling prices is not too great. Specifically, it is currently a minus of 1.4% on the total capital of the eToro account CryptosWithB66. But I think the tide will turn soon.
Since the beginning of the year I represent on this blog the view that it goes down with the Bitcoin in the context of a crash pattern. Characterized by the pink guidelines for the three phases of the pattern and the red down channel as the frame for phase 3, the squeeze out. Okay, we’re back in this red downlink channel. Nice, however, would be a last high point before the final downpour of Bitcoin. Then the plan would be complete.
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