BITCOIN An overlooked pattern and a Bearish Cross

Bitcoin (BTCUSD) is under heavy volatility as ever since the June 18 Low, the price attempted a short-term rebound only to be rejected on the 4H MA100. An overlooked parallel lines pattern as well as a Bearish Cross may give as a clue to where we are compared to the bottom of the previous Cycle.


** The peculiar pattern **
First of all, see the parallel trend-lines on this 1D chart. Those are of Higher Lows and Higher Highs. In 2018/19, Bitcoin had 4 perfect touches on the Higher Highs on its way to the final flush sequence of the Bear Cycle. Then had two contacts on the Higher Lows trend-line. The same pattern had the exact same amount of contacts made (4) on the Higher Highs and so far 1 on the Higher Lows.


** The CCI and RSI bottom sequences **
On top of that, the 1D CCI (black line) and RSI (light blue line) have formed sequences similar to the December 2018 bottom. This was the first contact on the Higher Lows trend-line of our pattern. Can a second and final contact be in hand here? Very possible especially if the price gets rejected on the 1D MA50 (one fake-out) as in 2018/ early 2019.


** The Bearish Cross **
Last but not least, the 1D MA200 (orange trend-line) broke today below the 1W MA100 (red trend-line). Last time that happened was on December 30 2018, exactly after the first rebound on that Cycle's bottom.

With all those indicators aligned perfectly to show that in comparison to 2018, BTC is currently past the Bottom, could it be the case that one last Higher Lows contact confirms this overlooked pattern? Feel free to share your work and let me know in the comments section below!



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