I have based this idea on the Ribbon seen on the chart, which I applied on the current (2019) and the early phases (2016, 2012) of the 2 previous bull cycles.
In both 2016 and 2012 when the price broke the 1W MA50 (blue dotted line), it retested the top of the Ribbon, which held as a support (note: small false break-out but fast correction on January 2012). Every pull back was contained within an formation that lasted around 200 days before it broke upwards on the next bull leg.
On the present bull cycle, the price has already broken above the 1W MA50 and is now consolidating for the longer period since the aggressive break out of the April parabola. Basically it has already started forming an , on a repetition of the 2016 and 2012 cycles. Assuming the Ribbon will be touched again, the current contact point is around 9000 (which is also the current 1D Support).
Therefore, it won't be at all abnormal to think that another $9000 BTC price will be a buy bargain on a long term horizon.
What do you think? Would you buy again on those levels thinking it is a steal? Let me know in the comments section.
This idea is essentially a continuation of my last Bitcoin analysis (seen below), which attracted much attention and was very well received by the community. Thank you for your enthusiasm!