Bitcoin Looks to Break Downtrend of Resistance!

💡 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🟢 Bear Flag is no longer valid since the flag (price consolidation) is overextended beyond the length of its recent drop (pole)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

Comment:

🟢 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.

Comment:

Short Squeeze. Bears are lunch.

Comment:

🟢 Bitcoin wicks above $44,500 to make a Daily Higher High

Trade closed: target reached:

Unknown what happens next. Best to exit.

Comment:

🟢 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.