BITCOIN New year, same thing..

2 days ago

Bitcoin (BTCUSD) has just reclaimed the 1D MA50 (blue trend-line) over the weekend and is so far successfully holding it below the price action, making it a Support.

The exact same price action took place in January last year (2024). In fact, as these 1D charts very vividly illustrate, the whole sequence from the September 06 2024 Low to today, is very similar to the sequence from the September 11 2023 Low to (so far) January 2024.

This incredible degree of symmetry is also extending to their 1D RSI and MACD fractals. The first formed Bearish Divergences under Lower Highs trend-lines, which when broken confirm the new rally, while the latter (MACD) was the early buy signal when it formed a Bullish Cross below the 0.00 mark.

If BTC continues to copy the January 2024 fractal, then we should be expecting a few more days of sideways price action, that will pave the way for the new (2nd) Rally Phase of the whole pattern. The 2nd rally peaked on the 1.618 Fibonacci extension from the September 11 2023 Low, so if the pattern replication continues, we may see a peak above 150k.

So do you think the early 2024 bullish break-out will be repeated? And if yes, are you expecting a peak as high as $150000? Feel free to let us know in the comments section below!

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