The psychology behind this chart is simple: whales shaking off weak hands, but not quite exhausting the bull trend (just yet!). We haven't sinked into the minimum of the proposed pole. And although flag formations are known to be brief in time, let's just not forget that every single chart pattern can be adjusted to any timeframe and timescale (weekly and monthly candles, mfw?). So if you google "bull flags", we meet every cryteria and I wrote a brief description of what could be going on in the larger scale of things, except that bull flags are known to be short-lived. But then again, google "chart patterns" and there's almost consensus that you can spot patterns in any timeframe.
Speaking of consensus, the general (if not the only) sentiment nowadays is , even the poopcannon guy is caging the bull and releasing the bear. That's within traders, but if you look outside of this niche there's plenty of good news flowing: G20 was open about crypto and not pushing overregulation, Europe limited only leveraged trades which sounds reasonable, Bitfinex is rumored to move to Switzerland/UK, lightning network and technical stuff, yo!, and stock markets in the US are starting to crash because they can't keep their own bubble inflated forever with fake Monopoly money. When Wall Street shits the bed, Europe goes down accordingly; so there's a possibility of big money cashed out looking for new spaces to invest. Of course, if big money comes into bitcoin it's going to be OTC. But I don't think they're just going to hold their bags, they might aswell start playing the daytrading game and speed up even more this accelerated market.
Don't sell or buy all your bags just yet, we have some room to wiggle down or up. The bigger perspective does not look that bad, and all things considered, if we make it out of the downtrend line that everybody has on their charts while not breaking down this , could kick in quickly and accelerate recovery.
I'd only short a big position if we slip below the light blue meme resistance line and try a rebuy in the last red one if it holds as a support for some hours.
Good luck and when in doubt, zoom out!