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.
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