I often talked in this blog that the Bitcoin and the Coin Market as a whole are near to a major correction. It is always easy to say and write. But I’m serious and that’s why I acted. Specifically, I opened two short positions with 10% of the capital of my eToro account CryptosWithB66. The 10% is split into four-fifths Bitcoin and a fifth Bitcoin Cash. The opening of further short positions is already planned. So that’s the usual last paragraph today at the beginning.
Looking at the logarithmic 1-day chart of Bitcoin (Bitstamp on TradingView) shows that the Bitcoin crossed the two lower yellow lines in its parabolic development and thus formed new higher highs. Personally, I do not think he will cross the upper yellow lines, which is about 11,800 USD (Bitstamp). Shortly below is also the 0.5er Fibonacci retracement that the Bitcoin is trading right now. Actually, the Bitcoin had set off last night in the direction of the upper yellow line. But on his way he was thrown back by several hundred dollars and easily by supposedly big players in the market within a matter of minutes! That reinforced my view that the end of the first bull run has now come to an end. I can be wrong. As I said, it’s just my personal opinion.
If the Bitcoin breaks through upwards, then the next target is the top yellow line at 11,800 USD (Bitstamp) and then the 0.618 Fibonacci retracement at 13,300 USD. Should the correction begin, as I imagine, then the targets are shown down by the two horizontal, dashed, black lines. And the period of time over which the correction could extend are, as noted in the last blog, several months. I think Bitcoin will soon tell us which way to go.
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