[BTC] Price Jump Cuts Through Short-Term Resistance like Butter

Woke up to find a 400% ROE on my Bitmex position and that Bitcoin's chart looks to be finding resistance underneath the dotted red line which is a long term support line which we just broke down from a couple days ago.

The white lines are just support and resistances that were locally useful as the dip became closer to the bottom. They can become support now and hold price up during consolidations.

Not 100% certain on the direction going forward. This may only be a dead cat bounce but the huge volume and quick jump could have just signaled that the bottom is in.

Comment:

Beautiful 5-wave triangle consolidation looking to breakout any minute now. Highly likely to break bullish of course, but just staying cautious and waiting for confirmation and more buy-side volume. Given the big move on the way up to this point, a breakout with increased volume would be hugely bullish and further confirm that we've already hit the bottom.

It's always possible that we see a flash crash and hit new lows before really trending upwards again, don't bet the house on anything as always.

Comment:

So there was the bull break. Now hitting resistance yet again near my long term trendline in dark red ( was dotted but made it solid ), possibly forming a bull flag but can't be too certain with RSI getting up there. This rising trendline seems to be an important one lately since BTC has been pausing and consolidating when it gets touched.

Just watching smaller time frames like 15m and 1hr candles for now. Longer time frames can't really tell us much at this point since we're just off the lows at key support of $7000. The 12 and 26 period EMAs are great for support and resistance points especially on lower time frames, btw.