This week brings Bitcoin the next level or a correction.

A direct look at Bitcoin’s 4-hour chart (Bitstamp on TradingView) shows what I mean. Also on Monday, the Bitcoin sat in its low directly on the lower limit of the wedges. Could then easily back up over again. But that does not mean that he is out of the danger zone. Beech is on Monday at Bitcoin like all other big coins a minus. The bears are now appearing more often on the field to compete against the bulls. It was not like that for a long time, as we know. Times have changed noticeably.

For me, a realization is important. The trend lines of the wedges have been confirmed once more! So this formation is actually relatively valid. Why is that important? A movement of Bitcoin under the lower limit of the wedges with neat volume would then be a clear indication that it goes clearly and rapidly down. However, if the Bitcoin battles back to the top of the wedge, which he could reach at around 9,500 USD (Bitstamp), and breaks through, one can assume that the Bitcoin will continue to pull higher in a decent boost, possibly even over 10,000 USD out. For which of the two variants the Bitcoin respectively the Market Maker will decide, we will find out later this week. Attention, the Bitcoin week ends on Sunday. For that reason, I continued to draw the wedge until the 10th of June.

So far the neutral part of the consideration. Those of you who have been following this blog for some time know that I expect a major correction. On Monday morning, I thought it was time. But, as I said, the Bitcoin caught again. With my eToro account CryptosWithB66, which underlies this blog, I am in  cash with 97%. If the Bitcoin leaves the wedge with volume down, I even think about going short in Bitcoin and Binance. The opportunity would come. Personally, I do not expect a breakout upwards. However, should it happen, I make my decision to start smaller long positions dependent on how impressive that outburst ultimately was. So we have an exciting week ahead of us.

Oliver Michel

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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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