BTC and the new bull cycle - the same pattern of 4yr ago?
About 4 years ago there was the start of a new bullish trend and right now we are at the same point with a similar pattern.
Simply speaking the SMA 50 and 200 on weekly chart are acting as strong delimiter gradually compressing the price, we have basically the same setup and are approaching the SMA50 around 5700$
There's a good probability that the sma50 reject the price and we go to slowly retest the sma200 at least on more time.
This ping-pong with last until the sma will compress the price so much that a breakout is unavoidable and the break of the sma50 will be a strong sign for the new bull cycle
Simply speaking the SMA 50 and 200 on weekly chart are acting as strong delimiter gradually compressing the price, we have basically the same setup and are approaching the SMA50 around 5700$
There's a good probability that the sma50 reject the price and we go to slowly retest the sma200 at least on more time.
This ping-pong with last until the sma will compress the price so much that a breakout is unavoidable and the break of the sma50 will be a strong sign for the new bull cycle