๐ฅ Is the bear case finally breaking? ๐ค
AI Summary
Bitcoin broke above the upper resistance line of a bear flag pattern on May 6, 2026, trading around $81,754, potentially signaling a bullish reversal after months of consolidation. The newsletter analyzes the significance of this breakout across hourly, daily, weekly, and monthly timeframes, noting that only the hourly confirmation has been achieved so far. Additional news includes Morgan Stanley adding crypto trading to E*Trade for 8.6 million customers.
Key Facts
Author Takes
Bitcoin bear flag breakout
BTC's bear flag appears to be failing upward rather than breaking down, but only the hourly timeframe is confirmed โ daily and weekly closes are needed before calling a true reversal.
Timeframe hierarchy for breakouts
Even if all timeframes break above resistance, markets have a habit of chopping up confident traders right when they think they've figured it out โ breakouts only stack conviction, not guarantees.
SKY token
Martin sold his SKY bag a month ago but bought it back this past week after something changed in his analysis.
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