We are looking at the difference in price between BitFinex ($5400), CoinBase ($5100), and that's because on Bitfinex BTC trades against Tether not the real USD, and as the USDT price falls, the gap gets bigger. We are looking at almost $240 USD in price difference, and each time we have this, things tend to go sour for Bitcoin ( BTCUSD) Looking at the current price action , it looks like we are going to melt, because logically having this gap, plus the tether problem, is not a great sign for Bitcoin, but for the moment on the Coinbase ( you can use bitmex, its the same ) chart, we are moving on a channel ( check upside and downside rectangles ) Taking into consideration that we just tapped the lower rectangle, I'm on a short-term bias to the upside, and currently on a Long trade, looking for the price to continue to the upside.
Downside targets, $4900 -$5000 - Would be taken into the consideration, if confirmed.
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Could be seeing $5000 retested before heading higher
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Target 1 met, bears could take control from now on