BITCOIN The ultimate Bear pattern slowly breaking to the upside

This is a very interesting pattern that perhaps was ignored but paints Bitcoin's (BTCUSD) whole picture during this Bear Cycle.

** Mini Channels within Main Channel Down **
As you see the dominant structure has been a Channel Down but with the use of the Fibonacci Channel levels we can see that it can be divided into two secondary (mini) ones that seem to have almost the same trading pattern (the first (A) within the 0.0 and 0.382 Fibs and the second (B) within the 0.618 and 1.0 Fibs).

The RSI sequences tend to agree with that thesis and right now we are at the point after the mini Channel (A) broke above the 1D MA50 (blue trend-line), which following a pull-back to the 0.786 Fib, rebounded to the -0.236 extension. That happened to be on the 1D MA200 (orange trend-line) at the time and causing a rejection, kick-started mini Channel (B).

** The Bearish and Bullish extremes **
We may be missing an important detail though. By breaking above the 1D MA50 last week, BTC broke above the main Channel Down of the Bear Cycle. However it did a proportional break to the downside of the Channel on December 04, which I call (Bearish Extreme) and that came close to the -0.236 Fib. Similarly this may be the Bullish Extreme to the 1.236 Fib symmetry. A break above it, invalidates the bearish bias and breaks the main Channel Down completely to the upside, opening the way for a new pattern for the first time since the November 11 2021 All Time High (ATH).

As a result it would be ideal to break above the -0.236/1.236 Resistance cluster above as soon as possible to confirm the first pattern into the new Bull Cycle. Until then there seems to be heavy sell accumulation around 26k.


Do you think this is the ultimate pattern we've been ignoring for so long and if yes do you expect a break above the 1.236 Fib extension to take us into the new Bull Cycle? Feel free to share your work and let me know in the comments section below!



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