The Bitcoin is currently moving in the yellow channel. Some say it’s a downlink channel. The others say it’s a huge bull flag at the end of Bitcoin’s huge rise over the year, symbolizing the matching flagpole. No matter. Let’s look into the yellow channel. The Bitcoin had gone through the channel completely from bottom to top and also from top to bottom twice. On his third way down, he stopped in the middle of the channel and turned back up. This low point could be taken as the basis for the lower edge of the triangle. Since this low point he runs like a string pulled up again. Good to see in the logarithmic 4-hour chart of Bitcoin (Bitstamp on TradingView).
In today’s blog, I just want to talk about what can happen in the short term. Clear. The Bitcoin can basically run towards the top of the triangle, which he would reach at about 11,100 USD (Bitstamp). That’s probably the most likely. Maybe he’ll turn down again sooner or over the edge like the last time and then turn down. That he turns down, so I personally expect. Because I go, as described in the last blog, from a zig-zag course to the right in the corner of the triangle. Of course, the Bitcoin can also break the channel up and thus dissolve the Bull Flag. We will see.
After closing all my shorts, on Monday morning I opened three equal large long positions in Bitcoin, Ethereum and Ripple with a total of 20% of my capital in the eToro account CryptosWithB66. The goal is to take advantage of the current upward movement. And possibly with a breakthrough up to be there. Whereby the plan already foresees that I close the positions again, as soon as the Bitcoin rises over the 11.000 USD. Originally I just wanted to buy only Bitcoin. That I bought two Altcoins in addition to the Bitcoin, is because I assume that the dominance of Bitcoin, which is currently at a high, will be slowly reduced and the Altcoins benefit disproportionately. Unfortunately one does not see anything of it yet. Bitcoin is a real power in the coin market.
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