On Thursday, Bitcoin again crossed the 8,300 USD (Bitstamp) mark after breaking the red down channel the day before. The Bitcoin is seemingly unstoppable on its way up. With the exception of Bitcoin Cash and IOTA on Thursday, however, none of the other big coins seem to follow Bitcoin to be on the plus side.
Looking at the logarithmic 1-day chart of Bitcoin (BitStamp on TradingView) shows that the Bitcoin is currently moving towards the yellow, thick line. Among other things, this line marks the high of a possible left shoulder, which developed in mid-May and with a possible head at 9,096 USD at the turn of May to June. The right shoulder could just form if the yellow line is not exceeded and the Bitcoin then moves back to the black neckline. Shoulder-head-shoulder. That would be the next negative formation Bitcoin would have to pulverize on its way up. Does he manage that, then only the crossing of the last highs at the just mentioned 9,096 USD (Bitstamp) is missing and then the way would be free in the direction of 10,000 USD. That’s what the bulls’ plan might look like.
I personally like to be convinced by the bullish scenario, because you know, so far I am not convinced yet. I was sitting on the chart, tracking the movements of Bitcoin all the time. The upward movement of Bitcoin is not continuous. There comes a pump. The Bitcoin falls evenly. Then comes the next pump. And so on. That makes no good impression on me personally. Yes, the chart looks good and strong. But how it happens is questionable. As I said, that’s just my personal opinion or perception. I think that in two or three days we will have much more clarity as to whether the Bitcoin continues to run unerringly up or down and correct it. That’s why I keep my money on the sideline and watch the game.
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