💡 Bitcoin appears to have enough volume to break above a Downtrend of Resistance for the last 80+ days.
The Bear Flag is invalid.
Supply is exhausted as the OBV makes a Higher High.
Price may follow volume. Buckle up frens!
🔴 Bitcoin is trapped under a Downtrend of Resistance 80+ days
🟢 Bear Flag is no longer valid since the flag (price consolidation) is overextended beyond the length of its recent drop (pole)
🟢 On Balance Volume prints a Higher High, breaking the downwards pattern
The Bear Flag is invalid.
Supply is exhausted as the OBV makes a Higher High.
Price may follow volume. Buckle up frens!
🔴 Bitcoin is trapped under a Downtrend of Resistance 80+ days
🟢 Bear Flag is no longer valid since the flag (price consolidation) is overextended beyond the length of its recent drop (pole)
🟢 On Balance Volume prints a Higher High, breaking the downwards pattern
Note
🟢 Downtrend of Resistance 80+ days has been broken!
🟢 On Balance Volume supports this bullish development
🔴 Bitcoin needs to get above $44,500 to make a Higher High.
Note
Short Squeeze. Bears are lunch.Note
🟢 Bitcoin wicks above $44,500 to make a Daily Higher High
Trade closed: target reached
Unknown what happens next. Best to exit.Note
🟢 If Bitcoin can bounce off $40K and flip it to support, we have a chance of testing the 200 Day Moving Average.
🔴 If Bitcoin drops below $33K and we lose the previous low, we have a very high probability this bear market will last many months.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.