For the third time the Bitcoin has arrived after a great Monday with a plus of almost 5% in the daily peak the upper edge of the downstream channel. Twice he already fell back again. How will it end this time? A look at Bitcoin’s 4-hour logarithmic chart (Bitstamp on TradingView) shows the red downlink channel and the Bitcoin movement within the channel. Thus, the Bitcoin has at least ever met the variant 2, which we had discussed in the last blog post as an alternative. In the wake of Bitcoin was, as so often the rest of the Coin Markets, which could also had a nice performance.
If the Bitcoin does not overcome the upper bound of the downlink channel but bounces down it, the chart also shows how far it could go down with the Bitcoin. The Bitcoin could reach between 6,600 USD (Bitstamp) and 6,800 USD the bottom of the channel. Important in this context is still the black horizontal line, which runs at about 7,450 USD (Bitstamp) and which represents a slight support area. The black line and the upper line of the downward channel converge in a wedge shape. In there, the Bitcoin will now move and either break up or break down. From the timeline, a decision can be expected by the end of the week at the latest. So it’s exciting. Again.
For me personally it is in the current phase absolutely not necessary to be invested with my eToro account CryptosWithB66 in the market. Sure, it went up well on Monday, but it went down on Tuesday and Wednesday last week and Sunday properly. It’s compensating. Especially since I still believe that the likelihood that the Bitcoin will fall in the course of a major correction, is higher than it continues to increase. If it continues to climb, it still has the 8,400 USd area of resistance (yellow mark) to overcome. I assume that by now we have arrived in a bullish market. But for that, and I repeat myself, we need a higher low, which I think is not 7,450 USD but much lower. And to do that, we need time (several weeks) and patience.
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