Attention. Bitcoin should avoid this pattern.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is on a very strong rise today (surpassing +15%), as it broke above the 1D Ascending Triangle ( RSI = 82.873, MACD = 102.500, Highs/Lows = 553.3727). The 1D is overbought and a pull back would be a natural technical expectation.

However today's 1D candle needs to avoid closing below the the 0.382 Fibonacci retracement level from last week's lows as it will repeat the October 15th pattern (as seen on the chart) that led to a sharp drop 1 month later.

In addition the 1W Lower High extension (still neutral RSI = 51.158, MACD = -442.800) has rejected any further upside and still applies selling pressure.

We remain of course bullish on the long term and all our recent studies show that Bitcoin's bear cycle has come to an end. But as during the bear market selling was best done on highs/ spikes/ tops, similarly now it is better to wait for a dip/ low to buy if you have missed this move. This can be at last week's bottom (3,950) or as low as the previous Triangle's Higher Low (3,770).

Click on the charts below to see why we think Bitcoin is bullish on the long term:

.png' src='/static/images/svg/idea-image-placeholder.svg' alt='Is Bitcoin truly a Store of Value?' class="js-image-lazy-load">

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