These are the days and weeks when it’s hard to write about Bitcoin and its movements. The Bitcoin is running sideways and this has been going on for over a week. From the past one knows that at the end of such a horizontal movement there always follows a distinctive movement up or down.
I would like to summarize the facts briefly here. First. We still have a downstream channel (highlighted in yellow) and the Bitcoin is still at the top of that channel. Secondly. The Bitcoin had briefly emerged from this channel up and formed a triangle, in whose peak he was, however, pushed back again with a classic dump on the 10th of August into the channel. What happened then actually leads to the third and most interesting point. Who believed (like me) that the Bitcoin then relatively quickly further down would fall, deceived. The Bulls have kept it tidy and keep the Bitcoin still around the 11,400 USD (Bitstamp). I did not expect this strength of the Bulls. All this is good to see in the logarithmic 4-hour chart of Bitcoin (Bitstamp on TradingView).
What are possible conclusions from these observations? Sure, Bitcoin can still go down to the bottom of the channel. He has already done that twice. Why not a third time? Then he would have reached the 8,000 USD to 7,500 USD. Due to the strength that Bitcoin has shown so far at the top of the channel, I almost do not believe it could commute that far. Correction yes, but not so deep. What does that mean for my short positions in the eToro account CryptosWithB66? I’ll see that I close them all at the first opportunity each with a positive result, which would be at 9,900 USD (Bitstamp) at least. However, this is not an action of the next few days, but a process that will slowly develop over the coming weeks. As always.
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