BTC repeats its previous consolidation with more strong swings

short term: neutral
mid term: bearish
long term: bullish (while we are in big channel)

Commentaire:

The BTC failed to retain the bottom support of the big uptrend channel.

To know what would be happen It may be a good idea to have a look at ALTs, they seems as BTC safety valves. But the ALTs situation is painful. They are moving back to the lows before the 2 April rally or even lowers (XRP for example). Some big ALTs even have invalidated their organic uptrend channels they were in before the rally (ex ETH, EOS).

So if the ALTs can not sustain their positions, the BTC will also come back to prices before the rally and maybe lower. This tragedy may be as long as the hydro-power plants seasons in China!

Commentaire:

Yeah, the ALTs moved up, saving BTC temporarily with a pull back to the uptrend channel bottom. BTC is now in a new down-tend channel.

Commentaire:

BTC seems on its way to 7000-8000$, this is the x2 of the bottom 3500-4000$, where the miner manufacturers could survive, before hand the coming halving.