The Bitcoin put on a rally in the last 4 days, which was already spectacular. He starts at 5,600 USD on Wednesday and is just under 7,000 USD (Bitstamp) on Saturday night. Alone on Saturday he was 10% plus. And while the Altcoins did not quite dare to follow the Bitcoin on its way up, they were fully on Saturday. Litecoin and Bitcoin Cash were partly up 20%. That the rally has caught all coins is a good sign. It can go on like this. Can it go on like this?
If you are honest with yourself, no one has expected such a move. Not me anyway. And if you look at the logarithmic 1-day chart of Bitcoin (BitStamp on TradingView), then you already get the feeling that the upward movement of Bitcoin looks quite unnatural. By that I do not mean the blue Bull Flag, which has broken out classically. Rather, I mean the total uptrend since the last low on February 8th, which has now shot up to 7,000 USD without a notable correction from $ 3,300 (Bitstamps) to even exponential features, as known only from peaks. That is not healthy. That’s just screaming for a correction.
I would definitely like to redirect your attention to Bitfinex and Tether with a paragraph of this blog. With this rally, all the worries of Bitfinex and Tether disappeared in one fell swoop. The price of Bitcoin recorded on Bitfinex even below that on e.g. Bitstamp. And that from one day to the next. The Tether Coin has more than stabilized and is even trading above USD. This rally at this time with this result can be a coincidence. I can not believe in such a coincidence. I do consider unregulated coin exchanges unpredictable and initiators and profiteers of such movements as we have just seen.
What does that mean for the CryptosWithB66 account underlying this blog? With an investment rate of 13%, the days are all positive, but it would have been significantly more in there. I was prepared for a tougher fight for 6,000 USD. Will the Bitcoin mark a new higher high? That’s the question I’m just asking. The last high for me was 7,411 USD (Bitstamp) on the 4th of September 2018. If the Bitcoin then also mark a new higher low during a correction, I would also officially speak of a turnaround from the bear to the bull market. However, the unnatural and unhealthy rapid development of Bitcoin makes me skeptical and even more cautious. Concrete. If the Bitcoin gets a new higher high, I look for entry opportunities in long positions for Bitcoin, Ethereum, Ripple, Bitcoin Cash, IOTA and Litecoin. That one is right with the choice of these coins, the Saturday shows quite clearly. Such entry points would ideally be resets. If the Bitcoin can not do that, I can imagine to shorten directly.
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