BITCOIN on the verge of a big move

BITCOIN on the verge of a big move
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
TradingShot

This chart shows the major long-term patterns involved on Bitcoin and how it is currently at the tip of the first Support levels.

** The 1st Support Level **
Right now the price is testing the 1W MA20. In fact every 1W candle has successfully closed above the 1W MA20 in the past three weeks. If broken it would be very negative as the past two times that happened (September 2019, March 2020), BTC dropped significantly. It just so happens that the 1W MA20 is on the Higher Low trend-line of the white Channel Up, which is the bullish pattern that excludes the COVID collapse (being non-technical and an event that only happens once in a life-time).

** The 2nd Support Level **
If the above levels break, BITCOIN should pull-back more and seek for Support on the 1W MA50, which has been holding since May. Also see how the blue Channel Up has its Higher Low trend-line there.

** The RSI and LMACD **
Currently the RSI is on the Symmetrical Support level of 53.50. That has been holding since late April and coincidentally as long as it is above that level, BTC trades above the 1W MA50.

Perhaps the most critical structure that nobody seems to be talking about, comes on the LMACD (made a bearish cross). Since the December 2017 Top and 2018 Bottom, it has been trading within a giant Triangle. And as you see that Triangle is about to break in the coming weeks. Technically that should follow with a strong move to the direction of the Triangle's break-out.


Where do you think BTC will make its rebound, which Support level will be the one to hold? Feel free to share your work and let me know in the comments section!

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