Here is where I think Bitcoin is going over the weekend

Yesterday was mainly a short squeeze by the exchanges (some trade against their users, and thus against most of the rest) and a squeeze by one or more sharks that buy their order flow. RobinHood also sells your order flows to sharks that know exactly where everyone's stops are, what their positions and limits are. Bitcoin can easily be manipulated today by algos and a budget of just less than $1 Million. If an exchange in China sees that there are plenty of shorts and it can make $2 M from trading against them, then it will be happy to take that money from the fish.

The volume is insufficient to make a serious rally. There is no follow through yet. Price seems to want to retest $7000.

Enjoy.

Comment:

BTC has pierced the upper channel and need to watch if it breaks above 7500 and follows-through. If so, this idea is invalid. Otherwise, this may be another little squeeze before we go down, so it may take longer than this weekend to do that.

Trade active:

See image below as BTC is at a cross roads, on one hand trying to break the upper band, on the other hand, ready to turn down. Seems to me that it will be turning down soon. But more importantly than my forecast, this is the band to watch now.

Comment:

See image with band on drive.google.co...VpduPf0fT-/view?usp=sharin...