The corridor for the Bitcoin is now only about 1000 USD narrow.

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.

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 block66.de. Reprint (also in part), commercial redistribution and inclusion in commercial databases only with the written permission of the publisher.


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