The falling Bitcoin stops at his first strong support.

But one step after the other. On Wednesday, Bitcoin fell 7% and below the green line that had limited his move down over 4 weeks. With the Bitcoin fell also all the big Altcoins, which were in the peak partly up to 13% in the minus. That was actually a trend-setting and clearly red day. Now we should have a look downwards.

Since the middle of this year, we have included the two black dashed lines in the chart of this blog. They indicate where the Bitcoin could find support in a the possible case of a falldown. And exactly at the top of the two lines the Bitcoin stopped falling. You can see that in the right 30-minute chart of Bitcoin (BitStamp on TradingView), where he has been moving right on this dashed line since Wednesday noon. That this area around the 7,400 USD (Bitstamp) plays a role, is quite obvious. Maybe a second line gets a meaning. It’s the thick blue line that turns the yellow downlink channel into a wedge and that connects the lows of the downtrended Bitcoin. And again, the Bitcoin has set up exactly also on the blue line on Wednesday. Keeping this support and should it be a descending wedge, the Bitcoin could turn here. I think that’s quite possible.

You notice, I’ve been rather bullish for a few weeks now. That does not matter. One thing is certain. If the Bitcoin falls below the upper dashed line, where it is currently located, then it falls clearly further. Looking to the left in the 1-day chart shows that the Bitcoin has not built any further support on its rapid upward journey. It would then fall to the bottom of the downlink channel in the 5,000 USD to 6,000 USd range, where the 6,000 line and the lower black dash line are also located. At least there, he could form a good basis for a renewed and big next uptrend.

As far as my eToro account CryptosWithB66 is concerned, everything remains unchanged. Bitcoin turns or falls. I will buy in small units in both cases. I still have enough powder. It remains exciting.

Oliver Michel

Invest in CryptoCoins with Block66

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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 Reprint (also in part), commercial redistribution and inclusion in commercial databases only with the written permission of the publisher.

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