BITCOIN TREND PIVOT
Updated
With all the geo-political noise it's easy to get caught up in the low timeframe madness. Zooming out and looking at the High timeframe structure, things get a little simpler...
For me, BTC has been in two different smaller phases within a larger bullflag pattern. Phase one is the bearish part of the bullflag where price prints lower highs and lower lows, this lasted for 150 days with a pivot once price wicked into the bullish OB @ 50K.
From that pivot point the second phase started and it's where we are now. Once we got our first higher low the new bullish trend began, higher lows and higher highs followed and continues on until now.
Now the interesting part is how BTC has broken out of the bigger bullflag pattern and that's shown by the X's and ^'s on the chart. In recent days BTC has broken out of the bigger bullflag pattern as shown by the tick where price rejected off the '21 ATH and retested what was formerly trend resistance and now support after a successful bullish reaction off that level for the first time in 8 months.
Price is now at the highs with the US election around the corner and %16B FTX repayments on the way, can BTC go one step further and make a new ATH? Time will tell but for now the structure is the most important thing. Higher highs and higher lows, that's it.
For me, BTC has been in two different smaller phases within a larger bullflag pattern. Phase one is the bearish part of the bullflag where price prints lower highs and lower lows, this lasted for 150 days with a pivot once price wicked into the bullish OB @ 50K.
From that pivot point the second phase started and it's where we are now. Once we got our first higher low the new bullish trend began, higher lows and higher highs followed and continues on until now.
Now the interesting part is how BTC has broken out of the bigger bullflag pattern and that's shown by the X's and ^'s on the chart. In recent days BTC has broken out of the bigger bullflag pattern as shown by the tick where price rejected off the '21 ATH and retested what was formerly trend resistance and now support after a successful bullish reaction off that level for the first time in 8 months.
Price is now at the highs with the US election around the corner and %16B FTX repayments on the way, can BTC go one step further and make a new ATH? Time will tell but for now the structure is the most important thing. Higher highs and higher lows, that's it.
Note
With the monthly coming to an end BTC is so close to tapping the upper limit of the bullish trend channel as well as the ATH/ Bearish OB.
Maximum resistance at this level so being cautious at this level but so close to breaking out.
Note
There's the retest on the '21 ATH @ $69,000, good reaction off that level so far and needs to hold.
Trade active
At trend channel high now, big resistance at this stage but the longer we stay here the more the bulls can break down any resistance. 
73K support for now, I'd like to see some chop while altcoins surge/catch up. Note
FOMC:
PREVIOUS: 5.00%
FORECAST: 4.75%
ACTUAL: 4.75%
25bps cut as expected, predictably this FOMC was overshadowed by the election, however it does have strong consequences for the economy going forward with the cost of borrowing going down.
We should now see the next phase of the Bullrun, exciting times ahead.
Note
BTC blasting through the upper trend channel resistance, any pullback would likely retest the top of the channel @ $77,500 area looking to punish late longs IMO.
Looking out for any LTF clues of bullish structure breaking down but so far structure is good.
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