Bitcoin Looks to Break Downtrend of Resistance!
Updated
💡 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🟢 Bear Flag is no longer valid since the flag (price consolidation) is overextended beyond the length of its recent drop (pole)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🟢 Bear Flag is no longer valid since the flag (price consolidation) is overextended beyond the length of its recent drop (pole)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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