BITCOIN is getting ready for a Big Move. Watch these trend lines

I will not keep the explanation of this study short. I am looking into the similarities of the December 2019 consolidation pattern with the recent price action.

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First of all it is not the first time I compare the two set-ups. My most recent study on the two involved the important of the 1D MA50, take a look below:


On this analysis though I stress the importance of the symmetrical aspects of the two patterns:

- First it is the 6470 - 6625 Support Zone, which if we exclude the COVID sell-off that was largely due to the collapse of the stock market, as you see is holding since the start of April.
- The Lower High trend-line. This is basically the level that has kept Bitcoin neutral during December 2019 and is doing so now. When this level broke in January 2020 the Bullish Wave started. There is no reason to believe that this won't happen again if the current Lower High trend-line breaks to the upside.
- The Resistance is set at 10470, held both on the October 26, 2019 Top as well as the most recent February 13, 2020 Top. This is the level that a potential break out from the Lower High trend line is targeting.
- The RSI on the 4H chart is printing an identical pattern on both set-ups. In November 2019 it was descending, made a Bottom around 9.50 and then started a Channel Up towards an 80.00 peak. Similarly in February it started descending, made a roughly symmetrical Bottom around 11.00 and then started a Channel Up towards an 80.00 peak.

How reliable do you think this comparison is? Do you also expect a break-out to 10k soon or have an opposite idea? Feel free to share your work and let me know in the comments section!

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