Hey, friends hope you are well and welcome to the new update on Bitcoin .

Broke down the pennant .
On 5th May 2022 Bitcoin was breaking out a bearish pennant , but was rejected by $39500 and daily EMA 21 resistance levels.
RSI also could not cross 50 value, which is a sign of weakness, and eventually, Bitcoin broke down the support of the pennant .

Breakout big channel:

We should remember, that before the breakdown of this pennant Bitcoin has also broken out a big down channel . But if a price drops below $33K, then this breakout will be invalidated.

Oversold In Monthly view:

In a monthly time frame, on the Bitcoin chart, stochastic has entered the oversold zone. This is happening for 3rd time in the history of BTC . Before this whenever stochastic entered oversold in the monthly time frame, we have witnessed massive rallies.
Therefore, this time soon another massive rally can be expected.

Conclusion:
There can be a bear trend on a short and mid-term chart, but in the long term, we can expect a massive move.

The above idea is for educational / entertainment purpose only.