BITCOIN is testing a key Pivot line. Bullish if it holds.

Bitcoin is printing a pattern on the 1D time-frame which previously turned out to be a bullish break-out, namely during late July - early August 2021 and mid April 2020.

As the charts above show, on all occasions, there is a Lower Highs trend-line involved which acts as a Pivot Level. Right now BTC testing that Lower Highs trend-line (that started from its November 10 Top) as a Support, having broken above it just a week ago.

When the same sequence took place in July - August 2021 and mid April 2020, the price held that trend-line upon testing it (green arrows) as a Support and that initiated a very strong rally. At the same time, the 1D CCI had broken above 100.00. Notice also how the Ichimoku Cloud is identical on all patterns. Once the price hits the now red cloud, the break-out is basically confirmed.

Will this pattern be repeated? Feel free to share your work and let me know in the comments section!



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

Please like, subscribe and share your ideas and charts with the community!

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