We've struggled BIG to turn this trendline into a support since late 2021.
Breaking out this trendline could attract some looks certainly.
If that that happened while we see some more significant volume then it could turn into the beginning of something.
In my opinion trend reversal won't happen when everybody is getting bullish.
Trend reversal is most likely to happen when all hope is gone.
When 99.999% bulls have turned bears and many of them have dumped their holdings expecting the worst.
And that's why I'm struggling to see a potential breakout from this trendline yet.
I can even see the next red candle dumping after rejection, or even a fakeout from 43K with potential downside to below 40K.
If that happens I might turn more bullish.
Breaking out this trendline could attract some looks certainly.
If that that happened while we see some more significant volume then it could turn into the beginning of something.
In my opinion trend reversal won't happen when everybody is getting bullish.
Trend reversal is most likely to happen when all hope is gone.
When 99.999% bulls have turned bears and many of them have dumped their holdings expecting the worst.
And that's why I'm struggling to see a potential breakout from this trendline yet.
I can even see the next red candle dumping after rejection, or even a fakeout from 43K with potential downside to below 40K.
If that happens I might turn more bullish.
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