Tendorian

11th April Bitcoin More consolidation over the coming days

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What this upmove to 7000 tells me is that we will see another correction for the next few days. I am guessing the most possible formation is a running flat which goes well with the idea that we are in the final down move of this bear market. I will enter a small long position at the end of B to gain some profits and then enter a big short at the end of C. For now I will wait for the B wave. I am wrong if the 7189 high is taken out. Just have to be patient in these corrections, the big move will come, just don't do dumb stuffs before then.
Comment:

Nothing has changed, price still flirting with the 200 EMA on 1H. Still expecting the downmove.
Comment: Just gonna update that the next down move may be a B wave down or a big wave down. Seeing that most alt coins have nearly completed their upmoves for now. We would be seeing the downmove begin in Bitcoin, which will pull down most of the alt coin gains as people start to panic again.

Why did this rally even happen? The most plausible answer is that there is alot of shorts in this market, we need to get rid of the weak shorts, by giving a rally for them to jump into. When most people start to think that the downmove won't happen, it crashes real fast. Those holding longs especially on alt coins will have to liquidate their positions at a loss or breakeven. And perhaps they get so pissed off to also dump bitcoin into usdt or fiat.

The next big move is definitely down. The running flat scenario mayor may not happen. Price can easily crash through to new lows without correcting. We will know better when price reaches 6600.
Comment:

The downmove to 6600 is still expected.
Comment:

All manipulation and short squeeze, I must say I was lucky to not be in any position. But trust me on this, this is not a real upmove, definitely will be retraced all the way down.
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