Potentially preparing to break upper trendline?

4 May 2020

Just an idea... huge break out from the rising channel, which seems to have printed a bear flag, with the top of the pole perfectly touching the long term upper resistance. It looks to me like BTC is gearing up to pierce through it. What do you guys think?

4 May 2020

Not

'which seems to have printed a BULL flag' - not bear. Sorry.

6 May 2020

Not

I guess you can say that my suspicions were corrected as we established the top of the flag as support before moving back up. We can retest 9.3-9.4k this week depending on how aggressive bulls are, and barring further falls in traditional markets.

No skin in the game btw, waiting for break of long term downtrend.

6 May 2020

Not

And there it is. Shit volume so I don't know if we will break through. And if we do perhaps it will be simply a wick. Staying on the sidelines for now.

7 May 2020

Not

Well, alright then.

If we can correct back down to the top of the trendline, that would be some healthy shit right there.

Otherwise, if we go straight parabolic from here, well it would be another mini-bubble as we have seen in the past few years. And TA flies out the window anyway.