The Bitcoin has well intercepted his fall out of the triangle into the downlink channel in the past four trading days. From the perspective of charting technology one could say with regard to the logarithmic 1-day chart of Bitcoin (BitStamp on TradingView), that the Bitcoin is currently forming a Bear Flag, which lets him fall further down in the downward channel, probably to the bottom. This would then be between 6,000 USD and 6,500 USD (Bitstamp). The two long lower candle shadows do not look good.
However, we have seen many times in the past that the Bitcoin spins out of such a formation and starts upwards. And actually this was also the case in the course of trading on Monday in the approach. After a fall from 8,100 USD to 7,700 USD (Bitstamp), the Bitcoin turned to 8,370 USD in the day’s peak. Maybe that was the moment that started a proper recovery or even a new 2nd big upwards wave. I can imagine that. But what I can imagine does not matter. What Bitcoin is doing in the coming days is important. However, it has already itched in my fingers to press the buy button. Because not only the Bitcoin showed a good performance on Monday. The Altcoins have also grown properly. But the whole thing is just not sure enough yet.
So it stays with my current positioning in my eToro account CryptosWithB66 at eToro, which underlies this blog. I am invested with 38% of my capital in long positions in the 7 coins, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, IOTA, Litecoin and Binance. It will be exciting when and and at what price will offer good buying opportunity in the coming days. In one of my recent blog posts, I mentioned that I would always buy in tranches of 3% to 5%, such as a buy-and-hold account for the next, the second big wave of Bitcoin and Altcoins, build up gradually.
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