A similar pattern was printed in 2016. The bottom was made near 20.000 this time, with Higher Highs and Higher Lows following. Those led to a peak near 90.000 as well. After this High a strong pull back took place that broke the Channel downwards making an low near 35.000.
We are pointing this pattern out as something that traders using the should keep in mind when formulating their trading levels in the coming days. We are waiting for the to approach 35.000 before buying again. This however shouldn't discourage investors with a long term mindset from buying even on the current levels, as Bitcoin is still at the very early stages of the new bull cycle.
See the reasons by clicking on the studies below:
.png' src='/static/images/svg/idea-image-placeholder.svg' alt='Bitcoin: Roadmap to the next Halving. Reward phases and cycles.' class="js-image-lazy-load">
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