Dear reader, the market, that most obliging of courtesans, escorted us to the apex of its bear flag and, with a flourish of rhetoric, invited us to admire a price flirting with $79,500. Alas, the charm proved brittle, and the price has since drifted through a trendline that kept its corset snug since the dear month of April. Is this merely a normal, healthy pullback before a grand breakout, or is it the moment when the bears reclaim the ballroom?
The Silk Thread of Support Gives Way
Nearly a month of promenade from the bear flag’s nadir to its lofty perch has left us with a trendline more fragile than a debutante’s teacup. The price fell through and has already returned to test and confirm the breakdown. Will it stay down from here, or is this but a theatrical prelude?
After a breakdown such as this, one might expect the price to descend to the nether regions of the market. Be that as it may, the last flourish of bullish vanity did, in fact, produce a modestly higher high. If this current bearish interlude does not push the price below the grand $74,000 support, this medium-term uptrend may still wear the cloak of victory.
One curious note: the last higher high did leave behind a small double-top formation. The measured move from this double top would carry the price to around $74,500 if the theatrics fully played out.
Golden cross about to take place
Gazette the daily view, for in this broader theatre the breakdown below the ascending trendline has not yet been certified. The current daily candle must close below to seal the fate-or perhaps merely to indulce us with suspense.
And here, a note most delicious: the 50-day simple moving average (SMA) is poised to cross back above the 100-day SMA. This is the much-vaunted “golden cross,” a bullish sign when attended by rising volume and as long as price pirouettes above both averages.
Big upside price momentum in 2-week chart
In the weekly tableau, the Stochastic RSI flirts with the top of its range; from the bulls’ perch it is comforting to observe that in the two-week chart the Stochastic RSI lines are crossing up through the 20.00 level, whispering of considerable upside momentum. Even in the monthly frame, indicators lie at the bottom and begin their ascent.
A grand wave of bullish momentum still lifts the price higher. May it carry the currency beyond the crown of the bear flag and onward toward the fabled $90,000?
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2026-04-28 12:13