Even in the past four days since the publication of the last blog post, nothing has really changed in the overall picture. The Bitcoin zig-zags into the corner of the triangle. And Altcoins are watching what Bitcoin is doing. I hope you are not angry if the Daily Crypto Blog does not appear almost daily for this reason. But right now nothing realy happens.
In short. I have no new facts. But I have observations and a personal opinion that I would like to make known in this way. Currently the Bitcoin is in a zack on the way from the upper edge of the triangle to the lower edge. I had already mentioned it in my last blog post, the uptick since Wednesday morning shows that Bitcoin does not want to go down. There are always buy orders that support the Bitcoin and even drive him up. Good to see on the right in the logarithmic 4-hour chart of Bitcoin (Bitstamp on TradingView).
Last year we had a similar constellation. The Bitcoin has long moved to the right at a level of 6,000 USD and then fell in one dump to 3,000 USD. Now it’s been moving to the right for some time, with a bottom margin ranging from 9,100 USD to 9,400 USD (Bitstamp) (see logarithmic 1-week chart on the left). The main difference, however, is that the Bitcoin corrected last year at the end of a 3-year upturn movement. This time we are more at the beginning of a long upward movement. Now that one have gotten so much power to get the Bitcoin out of the bottom and secondly keep it at this pretty good level between 10,000 USD and 11,000 USD for so long, I can well imagine that we’d rather will see an eruption upwards. And this outbreak could happen sooner rather than later. With my gut feeling, I’m rather on the side of the bulls.
If it came to an outbreak upwards, then the big target would be the 12,300 USD. That’s the last high to reach and break. However, if the recent story repeats, as described in the previous section, the outbreak of Bitcoin would have to be down. At the end of the day, it does not matter. I am well prepared for both directions with my long positions (28% of my invested capital in 7 coins) in my eToro account CryptosWithB66.
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