Looking at our trend timeframe we see the price has not broken out of its major downtrend since forming an ATH in 2017. In 2019 BTC bounced off $3,000 for support, back in March BTC bounced off $3,000 once again. Since then Bitcoin has slowly pushed towards the upside, currently sitting at $7,750. With no signs of a reversal could this be the beginning of the bull market.
Taking a closer look at our trend timeframe we see BTC has broken out of its descending triangle with a bounce off our $3,800 support, giving us a good sign this could be the beginning of an uptrend. Our price is currently at major resistance, we would need to see a close above this level on the smaller timeframes before continuing to the upside.
Shifting over to our pattern timeframe we see the price forming higher lows, with no major signs of reversal. A daily close above $7,800 would activate our trade and we should see an extension towards $9,200. A rejection from this level and expect BTC to sell-off towards $5,200. The BTC halving is coming in about 13 days, although this news is good news we are not expecting a radical move because of this.
