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Great bitcoin bullish reaction to $ 7,000 support.

2018-05-29

At 3:00 pm last night, the Bitcoin hit $ 7,040  on its way down.

Well, there was always talk of an area around the 7,000 USD. After that, the Bitcoin and along with it all the Altcoins showed a great bullish reaction, which catapulted the Bitcoin by just under 6% or 480 USD up to now. Ethereum, Ripple, Dash and Bitcoin Cash have price increases of around 10%.

IOTA even 20%. That's almost like the good old Bitcoin times! The first test of support in the $ 7,000 range was successful.

That's the big decision at the beginning of this week. Namely, the Bitcoin does not continue its decline last week and does not fall directly through the important support area around the $ 7,000, which was our second version. But we should not be happy too soon. I'm assuming that no matter how high the bitcoin inside the two downlink channels (green and red) is going to go up, we'll soon see the Bitcoin bounce back at the 7,000 or 6,900 mark to support another Time to test. And only when he climbs back up, you can be reasonably sure.

Personally, however, I think Bitcoin will fail on the second test of this support brand (!) And we will then enter the crucial phase of the downtrend. I hope for all Bitcoin fans that I am wrong.