Wednesday Update - Bitcoin
This week has been increasingly exciting, bitcoin managed to break out of the mentioned triangle in the early afternoon last Monday and today the US CPI data released with a lower-than-expected inflation of 5.0%.
At the moment, the markets are reacting in a good way to this surprise, but I am not convinced yet that they can extend these gains in the upcoming hours. Our primary goal of wave (iii) at 35’436$ is still active, and we expect that bitcoin could hit this important level by the end of this month.
We have been calling this for weeks now, and I would be pleased to see that bitcoin finally reaches its next target. Unfortunately, bitcoin is still the driving force behind the recovery in the crypto market, and only Solana managed to experience a significant bullish impulse. The bitcoin dominance is close to reaching a two-year high and continues to steal other altcoins the “show”, as we say in Switzerland.
As I said before, it’s a matter of time until a shift of capital starts from bitcoin into riskier assets. I can only advise everyone to be patient and don’t act on emotions, in my years of trading crypto I have learned that this is one of the hardest skills to master.
Last but not least, our alternative regarding a possible alt.(1) – alt.(2) stays on the chart. I am confident that bitcoin can reach higher in the next days, but as a professional I have to track alternative scenarios.
The long-term chart looks increasingly well with bitcoin’s breakout last Monday, and I want to share this chart again, so everyone can understand the “big-picture” better.
Also, I got a few messages regarding our portfolio and I want to announce here, that we won’t publish further details regarding our broker, asset allocation or our amount of cryptocurrencies owned. I created a portfolio for Bitcoin & Ethereum and our altcoins, which only shows our profit in %.
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$