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Sunday Update - Bitcoin

Hello everyone!


I hope everyone had a good weekend so far, if not it's safe to say that at least bitcoin & ethereum relaxed over the last days.



1D Chart - Bitcoin (Bitfinex)

As you may know, the markets didn’t move much in since our last update and the situation is still the same. We estimate that the movements in bitcoin are simply a cool off from the last rally, according to our primary scenario the market should push higher after this consolidation. The only important thing here is, that the volume massively declined in the last hours, and this makes bitcoin vulnerable for massive spikes in both directions.


The altcoins didn’t manage to catch up to bitcoin and still trade largely sideways, which is of course disappointing for investors who focus more on these coins.


Additionally, we are covering a new scenario in which the formation of another wave 1 – wave 2 could take place in the next weeks. So far, we don't have further clues about this, so we won’t share this chart here. If needed we will update everyone about this in a short message, stay tuned!



Please note that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.



Long Bitcoin (BTCUSD)

AVERAGE EXECUTION PRICE: 20’714.20$

STOP-LOSS: NONE

LONGTERM TARET: +120’000$

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