Why does not Bitcoin dare move on towards 10,000 USD yet?

A look at the logarithmic 1-day chart of Bitcoin (Bitstamp on TradingView) motivates the two questions quite clearly. The Bitcoin is currently at the level of the last significant high. If he breaks through the 8,500  USD (Bitstamp), then he would train a clear higher high. Which would lead the rest of the bears to switch to the bulls camp. Including me. Will the Bitcoin only bring in more air for the way up to 10,000 USD, or will he go out of steam here in his parabolic rise?

It is clear that the rapid upward movement of recent weeks has apparently stalled. It is also clear that almost all trading indicators are more than exhausted and indicate an imminent correction. It is well known that Bitcoin does not always adhere to what the indicators suggest. You can almost say we just have to be surprised. Everything is possible these days. More trite I can not express it anymore.

And even the Altcoins have been gradually infected by the positive development of Bitcoin and have also grown properly. So it’s already a development on a broad front. If you look at the ratio of the short (red) to the long positions (green) at the bottom of the chart, you can see very nicely that there are hardly any sellers. That is already a good condition for the prices could continue to rise. With low trading volumes, however, the question arises how sustainable the whole thing is.

In short. My investment plan is simple. I have realized gains in my eToro account CryptosWithB66 on the way up and am currently 97% in cash. A high, wherever that will be, will be followed by a low. One can go out of it firmly. And I will try to use this low for a renewed entry into long positions. I am still bearish and expect a bigger correction in the coming weeks. Please take my negative attitude at this point not bad.

Oliver Michel

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Risk Warning
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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