April 25th Bitcoin Final Down wave to 5000 underway

Price failed to rally above 10,000 and turned down, a big red bar announces that the bears have come out and the bulls are watching for now. Failing to rally above 10,000 is bearish for me and we are definitely going to under 5000. The drop will be relentless as it is the capitulation phase. Red bar after red bar on the daily chart will make any bulls give up eventually.

Then again if price bounces at 9000 and rally above 10,000 I will be wrong.
Every big round number will be a big support as people will be buying there to add to their positions.
The big money wants to come in and they will make sure to get rid of the small investors first, that is a big drop to under 5000.

I see twitter folks mocking technical analysts when bitcoin have not even broke 10,000 as a sign that bulls are getting cocky, which means we have topped for this move.

But hey I could be wrong.

註釋

Technically I see 8000 as the main support to hold this downmove.

註釋

This is NOT A DIP, this is a trend reversal, stop thinking of "buying the dip". The whole upmove from 7000-9700 was exactly so that people would be "buying the dip" down to 5000.

註釋

Bigger bounce more likely at 8000

註釋

It does not mean that price will reverse at 8000, just a temporary support.

註釋

Price need to break back above 9200 for bulls to have any hope of 10,000 now.

註釋

At an area of previous consolidation, we might repeat the consolidation before the next down move. And It is starting to look like a H&S pattern though I don't trade that pattern. A break above 9200 will make the pattern bullish.

註釋

As previously said, a break back above 9200 and I turn bullish, now I am looking to buy into this new upmove, possibly to above 10,000.

註釋

Currently price is on course to above 10,000, but if price breaks under 9000 I will become bearish again. Will update here if we turn down. For now the move is up.

註釋