The week was great for the Bitcoin, but ended with a damper.

Sunday started like the days before. The Bitcoin was on the way up. The first major hurdle had taken the Bitcoin last week when he broke the downward channel upwards. Meanwhile, I have deleted the downlink channel from the chart. Then he easily took the second big hurdle by not expressing the right shoulder of a supposed shoulder-head-shoulder formation, but just continued to rise. The third big hurdle I put into the last blog was the 9,096 USD it was worth. And there he was in the top today with 9,391 USD (Bitstamp) now really over it. And actually, everything looked like a walk in the direction of 10,000 USD.

But then for the first time counter-pressure or selling pressure set in, which the Bitcoin without major problems the hitherto earned plus of just over 5% simply decreased and even pushed it into the mines. All good to follow in the right 15-minute chart of Bitcoin (Bitstamp on TradingView). So it was proactively sold and only when these sales ended could light purchases raise the price of Bitcoin again. Maybe the Bitcoin even makes it to the end of the day to surpass the 9,096 USD. Rather not. As long as there are no more major sales, the Bitcoin can well go back on the road towards 10,000 USD and beyond. But one thing is clear. This path is dangerous and fragile.

Sunday showed me how vulnerable the Bitcoin is still and that we can get into a negative escalation quite quickly. Just as we are (still) in a positive escalation all in all right now. Yes, the Bitcoin can continue to run upwards. But after Sunday I am more convinced than ever that we will soon have the start of a major correction. Those who follow my blog regularly will surely consider me senile because I keep repeating myself. But that’s how I see the situation. Interestingly, my thoughts are currently less concerned with when I go back into long positions, but rather when I build up short positions in a correction.

Oliver Michel

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