Hi all, hope you are all doing well through this tough down trend. I have been following this bullish cipher pattern for sometime and may be coming into play. It does nicely fit in with some untapped daily levels coming in at the 17k area.
However, it is noted that the patten could be extended to the 11-10k area where there is some confluence with previous range...
Bitcoin is still showing signs of weakness, and people are becoming increasingly bearish. However, I don't believe that we have had the final last capitulation. Every man and his dog is watching the higher timeframe trendline as expected support. I can definitely see it being pushed below that level (below 50k) to create excessive shorting and then a bounce....
The last bull run was signalled by holding the 21 weekly average, as shown by the blue arrows. I expect to see bitcoin come down a little further and see if it holds the 21 weekly average, once this is confirmed as support, it should signal the start of the next big move up. - Just an idea.