Which forms can the current correction of Bitcoin now assume?

An hour and a half after the release of my last blog on Monday at 11:35 p.m., in which I had pointed out the possibility of starting the correction this week, it was already so far. The Bitcoin broke through the blue Rising Wedge. Good to see in the logarithmic 4-hour chart of Bitcoin (Bitstamp on TradingView). I had expected the correction already, but not quite so fast. Well, now it is here. And it immediately raises the question of what proportions it can now have.

You know, I’m a fan of trendlines, wedges and channels. For this reason, I have also drawn a channel again. Specifically, it is the blue downstream channel that I moored to the upper peaks of Bitcoin price movement. From its peak of 9,097 USD (Bitstamp), Bitcoin has so far lost about 1,400 USD or 15%. He is currently moving after a small catch-up at the end of Thursday in the lower half of the channel. Of course, on its way down, Bitcoin, the key currency of the Coin Market, has carried along all the other big coins.

There are now three options that need to be prepared accordingly. First. The Bitcoin breaks down the downstream channel. That would undoubtedly be the worst scenario. But not impossible. Then we can expect a decent low. Secondly. The Bitcoin moves within the downlink channel. He can certainly run up again, possibly even to the upper edge of the channel and from there to bounce down. That would be an orderly correction at a normal level. And thirdly. He runs up, breaks through the downlink channel and strives for new highs. For the first variant speaks the parabolic upswing, which is always associated with a steep downturn. For the second variant speaks the fact that the sale of Bitcoins is actually rather slowed down. And for the third variant, the unpredictability of Bitcoin and its market makers speaks in the background.

I´m still not invested with my eToro account CryptosWithB66. Every day the coins fall, my entry-level prices improve. Clearly, I’m waiting for the first two variants. I’m assuming a correction, followed by the second big and more interesting upswing of the coins. If the Bitcoin opt for the third variant, I’ll probably bite into the bullet and have to go to higher prices. We will see. Patient waiting and being prepared are currently the most sought after features.

Oliver Michel

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