Bitcoin’s breakout from the bull flag was swiftly rejected after a wick above 105.8K, suggesting absorption and supply at the highs. Price has now fallen back into the flag apex — a red flag for continuation bulls.
Key Observations:
• Breakout was absorbed and rejected with no follow-through.
• Current price action is compressing inside the apex again.
• RSI dropped to 60.22 with weakening volume momentum.
• Support from mid-Bollinger Band (100.7K) and 55 SMA (100.5K) is now critical.
If price closes below this 100.5K–100.7K cluster with rising volume, the bull flag will be invalidated. This could evolve into a UTAD (Upthrust After Distribution) if the rejection confirms as a trap above resistance.
Watching for:
• Breakdown from structure (close below 100.5K)
• Rising sell volume
• RSI trending below 50
A close below these levels may mark the transition from re-accumulation to distribution.
⸻
Key Observations:
• Breakout was absorbed and rejected with no follow-through.
• Current price action is compressing inside the apex again.
• RSI dropped to 60.22 with weakening volume momentum.
• Support from mid-Bollinger Band (100.7K) and 55 SMA (100.5K) is now critical.
If price closes below this 100.5K–100.7K cluster with rising volume, the bull flag will be invalidated. This could evolve into a UTAD (Upthrust After Distribution) if the rejection confirms as a trap above resistance.
Watching for:
• Breakdown from structure (close below 100.5K)
• Rising sell volume
• RSI trending below 50
A close below these levels may mark the transition from re-accumulation to distribution.
⸻
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.