BITCOIN Short-term Megaphone pattern

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC has been too volatile lately as despite making Higher Highs, it dropped back to Lower Lows and again. The pattern that has those characteristics is the Megaphone (Higher Highs and Lower Lows). Eventually this pattern will break as especially on Bitcoin , I have only found one other time ever that it traded within a Megaphone for a period of at least 1 month. But as long as it holds, it can offer us a few interesting formations.

First of following the Lower Low on June 22 and the subsequent rebound, the price is currently pulling-back again, dropping below the 1H MA100 (green trend-line). Every time Bitcoin was below the 1H MA100 (while trading within the Megaphone), that was a bearish sign, except for June 12 when it was an interim bottom that lead to the Higher High. That alone shows weakness and should be considered as a bearish sign.

However the RSI has hit today the bottom of the Megaphone's Support Zone (the same low was made on June 08). That day despite hitting that RSI low, Bitcoin went for one last dip for the Lower Low and then rebounded. So do we have one last low to make before the bullish wave for the Higher High? A safer trade could be once the price breaks the symmetrical Lower Highs trend-line (the red line on the chart that was formerly part of a Channel Down).

Which way do you think BTCUSD will break to? Feel free to share your work and let me know in the comments section!

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