Is Bitcoin Finally Topping Out? Downside Ahead or Monster Rally Continues?

The Bitcoin price potentially reached a top of $81,250 on Monday. Was this a local top? If so, what are the downside targets? On the other hand, if there is more upside to come, how much further could this monster rally go?

Rally up to $82,350 or breakdown ahead?

Source: TradingView

Looking at the 4-hour time frame chart it can be observed that the $BTC price has had some kind of a consolidation. Be that as it may, it was an extremely brief one and anyone who was waiting to hop on this train might have missed it if they stopped to blink more than once.

A bull flag could be argued to have formed correctly, with three touch points at the bottom and three at the top, but then it was straight out of the upper trendline and the rally continued. 

A trendline has been drawn in (faint dotted line) so that when/if the trend is broken it can be seen immediately. Beware a break below with a confirmation. That would potentially be the sign that the correction would be beginning.

If the rally continues, the horizontal resistance at $82,350 is the next target. Just above this at $82,820 is the high of the big bear flag that was set in early May. Making a higher high here would be a huge step towards changing the bear trend back to a bull trend.

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