BITCOIN Major 1WRSI bullish breakout but heavy Resistances above

Bitcoin (BTCUSD) broke above its 1W RSI Lower Highs trend-line that was holding since January 2021! As you realize this is a major bullish break-out on the long-term scale and as the price turned the 1D MA50 (blue trend-line) into a Support, it is staging a bull run.

However there are still significant Resistance levels ahead. The first is the Lower Highs trend-line that started on the August 15 2022 High but perhaps the most critical one is the 1D MA200 (orange trend-line), currently at 19545, which is unbroken since December 31 2021. The Lower Highs trend-line of the November 10 2021 High may be the oldest Resistance running, but technically there is more weight on the 1D MA200. Finally, breaking above the 25200 August 15 High, would mean the first Higher High since the 2021 market top.

There is still significant road to cover, as the Bullish Megaphone pattern that BTC is trading in since the November FTX crash could be another sell accumulation pattern, common within the 2021/22 Bear Cycle (see the dotted Rising Wedge, Channel Up patterns). As a result, a break below its bottom (Lower Lows) can lead to the 15500 Support again, even a new Low closer to 15000. But arguably the 1W RSI Lower Highs break-out after 2 years, is a signal that shouldn't go unnoticed but unfortunately such signals among extreme psychological states (greed/ fear) tend to go unnoticed near market tops of bottoms.

Do you think this is an early sign of a market bottom and bullish reversal? Feel free to let me know in the comments section below!


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇