Using the weekly chart, June's price action shows a break above a long-term ascending trendline (purple line).
The trendline was formed in September 2019,
[1] and after a hefty drop in October, took time to rebuild momentum.
In February 2020, the scene was set for a new test.
[2] While the price reached an all-time high above $40, it quickly dropped in light of the panic selling with COVID-19.
During April, panic selling flipped into FOMO-style buying, which pushed beyond February's all time high.
A key test emerged in the second half of May, when the price reached $45 and was ready to retest the existing trendline.
When the irresistible force (the uptrend) met the immovable object (the trendline), the former won.
[3]The first two weeks of June saw some momentary selling pressure back towards the trendline. Although intraweek trade never went lower than the trendline, it created a conspicuous spinning top two weeks ago.
Was that candlestick the beginning of the end? Apparently not - it was topped by last week's tall green candle, being the eighth in a row.
For June so far, that makes for three consecutive weeks above the trendline, and no trades below it.
[4]
