Tendorian
Short

4th April Bitcoin - Market reversal, we are going down down down

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I take back my bear market is over analysis. Today's drop changes the my bias totally.

1. I was wary that 7500 was an important resistance that needs to be taken out. Price really got rejected that and that was a first sign that this market is not as bullish as I thought.
2. The big drop through 7200 made me bearish , even though I bought some at 7100, after reading the charts again I concluded that it has turned down.
3. This easy break of 6900 is the final hint for me to just look for shorts from now.
4. The next support level would be 6200.
5. Eventually to under 5000.

I turn bearish on all alt coins also, because if Bitcoin crashes, every coin will eventually crash with it, because Bitcoin is king.
Comment:

I think price will retest 6900 today, that is where I would short.
Comment:

I am bearish and would like to short but I cannot ignore this V-shaped looking pattern. Will wait and watch the markets first before deciding the next move.

Not gonna enter a trade at any point now.
i took my profit at 7400, i was waiting for the coins' king to jump above 7500 to join the the long trip to 9000 but the flight was cancelled ... but for sure your analysis was so helpful and easy to understand ... keep good deeds up bro..
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@zak6111, No problems, this down move should go to 6000 and probably below, will be looking for a short trade perhaps tomorrow.
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