Does the Bitcoin still have the strength for a next step up?

Wednesday was at the Bitcoin and also in the Coin Market generally very quiet. On the three days before was much more going on. Bitcoin struggled for a breakthrough in the 9,300 USD (Bitstamp) area, but failed. Tips to the top were immediately massively sold off again. The 1-hour chart on the right shows both the price movement and at the bottom of the chart the significantly increased trading volume for the Bitcoin these days. In these three days you had the feeling that there are some big bears who say: this far and not further.

Overall, the Bitcoin currently moves more sideways in the black marked channel. Also nice to see are the two tops that the Bitcoin has trained. Should it stay with these two tops, that would not be a good sign for the next few weeks. Well the Bitcoin has led in recent weeks repeatedly bearish formations ad absurdum and has gone up his bullish path. That could be the case again. But there is also the experience that every series breaks. In short. The question then arises as to whether Bitcoin has the strength to scale yet another step toward the 10,000 USD and possibly even higher. The chances are as always 50:50.

For me personally, therefore, everything is still open and so I feel in my role as a spectator, who is currently not invested with his eToro account CryptosWithB66, quite well. The patience to wait for a formation or situation to dissipate before investing is for me the most important discipline in this crypto game. Personally, I’m assuming (and you know that if you’ve been following the blog for some time) that there will start a correction either on the current level or later at the 9,500 USD (Bitstamp). A short note at the end. I do not know yet whether the green channel, which I have plotted on the left in the logarithmic 1-day chart of Bitcoin, will be relevant. We will see.

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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