BITCOIN Heavily supported by the 1WMA50. Rally can start anytime
Bitcoin (BTCUSD) has been following very closely the structural patterns of past Cycles and one analysis we did on the similarity sequences with cyclical fractals has been the following (September 19 2023):
As you can see, BTC followed the exact path we plotted and did what was expected by breaking above the 1W MA100 (green trend-line). With the price basically consolidating for the past 6 months (Bull Flag/ Channel Down), it is time to revisit this successful chart and see what lies next.
With some modifications, we can see that after successfully holding the 1W MA50 on the early August test, the price should (relative to the past 2 Cycles), start the new Parabolic Rally (green Arc). We are 147 weeks (1029 days) from the previous Cycle Top and 21 weeks (147 days) since the Halving. In past Cycles that was the exact point ('we are here') where Bitcoin initiated the aggressive rise.
In all cases the 1W MA50 held, so that is the market's goal now, to keep it intact so that buyers don't lose the psychological Support level. If it holds, breaking above the 100k should be a minimum expectation, especially ahead of this month's start of an Interest Rate Cut Cycle and the U.S. elections (traditionally markets are bullish post event) in November.
But what do you think? Do you share the same kind of optimism as this chart does? Feel free to let us know in the comments section below!
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As you can see, BTC followed the exact path we plotted and did what was expected by breaking above the 1W MA100 (green trend-line). With the price basically consolidating for the past 6 months (Bull Flag/ Channel Down), it is time to revisit this successful chart and see what lies next.
With some modifications, we can see that after successfully holding the 1W MA50 on the early August test, the price should (relative to the past 2 Cycles), start the new Parabolic Rally (green Arc). We are 147 weeks (1029 days) from the previous Cycle Top and 21 weeks (147 days) since the Halving. In past Cycles that was the exact point ('we are here') where Bitcoin initiated the aggressive rise.
In all cases the 1W MA50 held, so that is the market's goal now, to keep it intact so that buyers don't lose the psychological Support level. If it holds, breaking above the 100k should be a minimum expectation, especially ahead of this month's start of an Interest Rate Cut Cycle and the U.S. elections (traditionally markets are bullish post event) in November.
But what do you think? Do you share the same kind of optimism as this chart does? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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