BITCOIN Gaussian Channel & RSI turning upwards. Bottom forming?

Bitcoin (BTCUSD) is on the 5th straight week after the Gaussian Channel (GC) turned red on the 1W time-frame. In the past two Cycles, the market formed a bottom 6 weeks after the GC turned red on the December 10 2018 candle and 4 weeks on the January 12 2015 candle.

Additionally, the 1W RSI has reversed upwards after last week's double bottom. Those formation are consistent with all prior Cycle Bottoms. The 1W MA300 (red trend-line) is at 16790 and, as I mentioned numerous times, is the trend-line that supported BTC on March 2020, Aug 2015 and Jan 2015.

A case against the bottom can be made by the fact that the price is trading below the 1W MA200 (orange trend-line) for the 4th straight week. That has never happened before in BTC's history and is certainly a factor to worry about. In the event of a weekly (1W) candle close below the 1W MA300, the next trend-line that lastly supported a Bear Cycle was the 0.5 X multiple of the 1W MA300 on the October 17 and November 14 2011 Bottoms.

Do you think the above is enough evidence of a bottom being formed right not on BTC or you're expecting a break much lower than the 1W MA300? Feel free to share your work and let me know in the comments section below!




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