The Bitcoin in freefall. Not nice, but still not that bad.

It is a classically beautiful (hair) cut, as the logarithmic 4-hour chart of Bitcoin (Bitstamp in the TradingView chart) shows. At the end of the day, that was close to 10% minus for the Bitcoin at about $ 3,620. Ethereum at 15% and Bitcoin Cash at 16% hit it harder. Overall, a really deep red day for the coins, which clearly stands out in the chart.

In the low, the Bitcoin even reached the price of $ 3,500 for a few ticks. There were exactly two dumps that successively cleared the stop-loss areas of the long positions at $ 3,800 and $ 3,600, respectively. Needless to say, quite a few Bitcoins had to be sold to trigger the dumps, as the resolution of the stop loss orders has brought down the momentum. A classic shake-out by the market makers, one would almost say so. The fall of the Bitcoin price has then stopped at an interesting point. From the $ 3,600 he could move up again and continue his upward movement. Possibly we see in advance also again a reset. Yes, Bitcoin’s Thursday price decline was not pretty, but looking at the chart, it still moves barely in the top half of the blue wedge with a good Chance for coming back into an uptrend. At least my opinion. And no, I do not want to write Bitcoin up today.

Following the approach just described, on Thursday at $ 3,600 for a Bitcoin, I invested nearly 4% of the capital of the eToro account CryptosWithB66, which underpins this blog, equally for long positions in Bitcoin, Ethereum, Ripple , Bitcoin Cash and IOTA. This leaves a cash balance of almost 57%. Furthermore, in the chart I have adjusted the upper line of the blue wedge to the price spikes and also removed the green trend line that supported the upward movement. The conclusion. At least there is movement in the game again.

Oliver Michel

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Please note: The information does not constitute an offer to sell the treated share (s) or crypto currency or any solicitation to buy or sell securities in general. It is based on sources that the publisher believes to be trustworthy. Nevertheless, the liability for pecuniary loss, which may possibly result from the use of the statements for their own investment decision, is excluded. We note that stocks and crypto currencies are inherently risky. The total loss of the capital invested can not be excluded. You should seek further advice before making any investment decision. The publisher may hold short or long positions in the treated stock (s) or crypto currency (s). Copyright: © 2018 block66.de. Reprint (also in part), commercial redistribution and inclusion in commercial databases only with the written permission of the publisher.


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