Bitcoin (BTCUSD) may be under a quite strong short-term correction since the August 27 rejection on the 1D MA200 (orange trend-line) but based on this 2-year Cyclical Chart, it has high chances of finding Support again and start a rally similar to the two it had over this time span.
Let's start with the long-term outlook which remained bullish after BTC hit and rebounded (August 06) on the 1W MA50 (red trend-line), its long-term Support since March 13 2023. The formation of the 1D Death Cross may have offset some of this optimism but on this cyclical pattern it is not a bearish sign as last time it emerged (September 11 2023), Bitcoin formed its new bottom at the time.
In fact it was inside a short-term (dotted) Channel Up, the vessel pattern which took the price from the bottom to a new +100% rally. The key parameter was the fact that the 1D MA200 broke and later was retested and held as Support. This is most likely why we are having the recent pull-back, because even though the price broke above the 1D MA200, it failed to hold.
The 1D RSI also prints a similar pattern to the previous two bottom fractals on this chart and it appears that relative to those past sequences, we are currently after the first RSI peak and pull-back. On the price action, weillustrate the relative position of now and then with circles.
The Sine Waves do perhaps the most efficient depiction of the price cyclicality, clearly displaying where Bitcoin should be bought and where sold. At the moment we are just past the most optimal Buy Entry so it the opportunity still exists but may not last for long! Another +100% rise from August's recent bottom, will see Bitcoin test the psychological benchmark of 100k.
So what do you think? Is a new rally this close, potentially timed after the Fed cuts the rates in 2 weeks? Feel free to let us know in the comments section below! #Write2Earn! $BTC