knocking on the door

i thought we may have been topping out, but we're awfully close to invalidating that idea.

for the moment, we've found support on that downtrend line and bulls are knocking on the door of the local high resistance ($46788). as luck would have it, it's also the third retest of the bull trendline in the past week.

a new local high here and a break above the bull trendline and i'll be happy to run with the bulls (stablecoins are burning a hole in my trading account). gun to my head I'm still betting short in the near term though.

let's see which way the puppet master pulls the strings.

Comment:

zoom out and you'll see that this resistance zone is where price found support after the flash crashes in march and april, then again briefly in may before ultimately landing at $30k.

i think that's significant.

Comment:

looks like someone else thought that resistance level was significant too. i'm probably going to buy the retest.

even though this looks like a rising wedge, it doesn't have that typical top-to-bottom oscillation. it's all over that top resistance line. almost looks like an inverse H&S tilted on a trajectory towards the moon.