Confluence of three bullish indicators: 1. pin bar indicating reversal 2. long-held downward trend line that has been in effect since ~February was 'broken'. The line is now acting as support. 3. bullish pennant
Long term, I see bitcoin going dooooown, but this looks like a short-term uptrend. I suspect many were short since we were up against the long established downward trend line so a short squeeze will result in a BTC upward move.
But hell, I really have no idea at all where this crazy train is going.
@reverie153, The indicators I mentioned are all bullish and the pennant is breaking to the upside, as it should (in line with bullishness). I expect the former resistance (downward trend line) will not act as support. However, the reality is that I have no idea what's going to happen because logic, reason and technical analysis can easily be compromised by one Whale playing cetacean games. That said, I did jump in to the fray, but I'm not a super experienced trader. I'm hoping the big picture (a history of some pump prior to the halvening) in conjunction with these bullish indicators will not lead to wreckage. Good luck!