That was really interesting to watch. The Bitcoin fell on Wednesday and Thursday in total about 7%, and thus out of the big triangle down. Good to see on the logarithmic 2-hour chart (Bitstamp on TradingView) on the right. Actually, I had expected that the Bitcoin, if he leaves the triangle downwards, he would do that with a really big fall. That was obviously not the case.
Bitcoin has been moving steadily around 9,600 USD (Bitstamp) since Thursday morning. This looks like a bear flag that could break down anytime, which would be the most likely from charting. I would not have expected such a bear flag so close to the triangle, but much lower down. I’m currently looking for a possible way of Bitcoin down to the red line, which is around 9,000 (Bitstamp). I’m curious how the Bitcoin behaves there, if it should come to that. If you look back on the logarithmic 1-day chart of Bitcoin (Bitstamp on TradingView) on the left side, then you could see some parallels to the start of the uptrend on July 28 (where the triangle started below). Such an upward movement could now join again. Why not?
I have positioned myself for both variants. I am currently invested in long positions with just under 28% of my capital in the eToro account that underlies this blog as a real account. I bought something later in the week. I also included Binance. Although I’m an absolute Crypto fan and optimist, I would be happy about a price drop in the Coins, of course, before it goes up. Sure, that would be great purchase prices. Anyway, I think it’s time to slowly rebuild a buy and hold portfolio for the next big (!) wave of Bitcoin and Altcoins up.
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