BTC breaks out of bull trend

After a nearly ten week climb from the bottom at $4,210 that took it to $10,000 Bitcoin futures have left the recent upward channel breaking clearly below it in trading today. The support line I am referring to (dashed red line in first chart) was touched upon nine times on the way up to $10,000. 

What was surprising was the fact that the high point of this rally coincided with our long term projected price average (green dashed line in first chart) drawn in on our charts back at the end of 2019. Although this was meant to be a rough estimate of Bitcoin’s trajectory and it is obviously still relevant and I believe will remain so for years to come.

We also came within $600 of touching the long term descending trend line that Bitcoin futures have yet to overcome since the start of BTC futures (solid green line in second chart) in December 2017.

Although I am still bullish long term this break below our support trend line and a failure to trade above the two for mentioned long term trend lines makes me bearish in the short term.