BITCOIN Accumulation ahead?

Yet another sharp pull-back on Bitcoin is having traders worry, despite the fact that every such correction is being easily bought back since March.

On this study I make use of the Fibonacci Channel, which 1 month ago accurately predicted the current 40k top (see following chart):

Recently, I showed why buying on the 4H MA50 and the MA200 was the most optimal approach during the current parabola. As you see on the chart below, this pattern is fairly accurate so far:

** The Fibonacci Channel and the LMACD Bearish Cross**
This time I am going a time-frame higher, to the 1D. This is for two reasons: First, the LMACD just printed a Bearish Cross and second, I want to capture the price action since May. As you see by applying the Fibonacci Channel on +0.5 intervals all the way to 4.5, we manage to capture the whole extent of the parabolic rise since November.

Last week's High was on the 4.5 and today the price broke below the 3.5. But this shouldn't be a surprise. Two out of the previous three LMACD Bearish Crosses, caused BTC to drop two 0.5 Fib levels. So currently going from 4.5 to 3.5 should be considered normal price action.

** The 1D MA20 and MA100, the RSI and the Channel Up **
On top of that, in two out of the three LMACD Bearish Crosses, the price hit the 1D MA20 (yellow trend-line) while one hit the 1D MA100 (green trend-line) before rebounding. To day Bitcoin hit the 1D MA20 and is currently rebounding. In addition, the RSI reached its Higher Lows trend-line that started in September.

Also, I can't neglect to mention the Channel Up that we are in since late November. What do you think? Can this be enough to maintain the Channel or we are ahead of a multi-week consolidation within the 4.5 - 3.5 Fibonacci extension levels as it happened after every LMACD Bearish Cross/ 1D MA20 contact? Feel free to share your work and let me know in the comments section!

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