BTCUSD has a mid rally consolidation. 39-49k possible next.

Bitcoin is consolidating under the 1D MA100 but on the LL trendline that started early at the end of the last Bull Cycle. We are on the 1W timeframe where the technical indicators are neutral (RSI = 53.611, MACD = 1576.400, ADX = 26.280) suggesting that on the long term this is a solid buy level.

So far it is following the trading pattern of the previous Cycle fairly well as, though longer, this consolidation is also under the HL trend-line. Both Bear Cycles were in a Triangle on their early stages and their bottom was formed on a Cup pattern. In 2019 when the price crossed over the 1D MA100, it reached the 0.618 Fibonacci level and even overextended to the 0.786 Fibonacci level. That suggests that the next high can be in the range of 39,000 - 49,000. After that if it continues to follow the pattern of the previous Cycle, we should see a long term consolidation supported by the HL trendline and the 1D MA100, until the next (May 2024) Halving when the parabolic rally can start.

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