BITCOIN Don't expect a pull back anytime soon...

Bitcoin is on the 4th straight green week after breaking through the May-July consolidation. The key development of these past weeks was not just the crossing of the $10500 level which has been a Resistance for 11 months, but also the Lower Highs trend-line since the December 2017 All Time Highs (ATH).

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I believe that this is the most underrated development as historically when Bitcoin broke Lower Highs trend-lines, it never re-tested them. Even relatively recently with the 2018 Lower Highs. The sole exception is the June 2019 Lower Highs which are a special case as they got re-tested only due to the March COVID panic sell-off.

Let's not lose sight of what's important here. We are still inside the Channel Up that I initially published here on March and I updated it last week:


Based on the April - June 2019 rally (that was the previous Higher High leg of the Channel Up), I don't expect a pull-back before testing the Higher High trend-line. Once that is priced, it is possible to experience a strong pull-back, as a result of heavy quarterly profit taking, towards the Lower Highs trend-line and the 1W MA50 to test them as a Support. In my opinion that could be the final "cheap" buy before the ATH test and the start of a non-stop parabolic Bull Phase.

Do you think there will be a pull-back earlier than that? Feel free to share your work and let me know in the comments section!

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