What if the Bitcoin does not grab the 7,700 USD mark?
As can be seen on the right-hand logarithmic 2-hour chart, the Bitcoin after its reversal has run up in an upward channel (black lines) to the upper limit of the small green downstream channel during the week. This limit now has to go up in the range of about $ 7,700. That would be a pretty good bullish signal, which could set the Bitcoin with it.
Let's keep our fingers crossed . But what if Bitcoin can not do that? Then it will fall down to the thick black, long-term, upward trend line on which it has already touched four times, but never hit it (see the logarithmic 1-day chart on the left). I said in the last blog that the Bitcoin will definitely test that line no matter how high it may go now.
And I say it clearly. If this uptrend line is broken down, then it gets really bitter for the Bitcoin and with it for all Altcoins in the wake. As long as the bitcoin stays above it, every move of the bitcoin upwards brings with it the hope that this is the starting signal for the journey to the moon.
After the brilliant reversal from last Tuesday, we thought the Bitcoin would march rapidly up the green line, heading straight for the red line of the big downstream channel to test that line. The sluggishness of the rise and the ever-changing pumps and dumps left me skeptical as to whether the Bitcoin even grabs the $ 7,700 and thus the green line. We rather expect a continuation of the downward trend of the CryptoCoins. But that does not matter, which we expect.
What matters is what happens. And depending on what happens, it is important to have a plan. Patience is needed until Bitcoin has made its way.