BTC is close to the trend-line that started on the (hard body) candle of the March 2020 COVID crash bottom. Last time it got tested (July 20 2021) it held and initiated the strong rally of August. If we are in an accumulation phase much like May - July 2020 or September 2020, then as long as the 1D MA100 (green trend-line) is holding, Bitcoin should rise soon.
If not though? Will that break on the Higher Lows (COVID) trend-line mean a new Low, lower than July's and possibly the confirmation of a Bear Cycle?
If btc breaks below the 100MA on the daily chart with follow through likely to go much lower like May 12th break below.If btc holds above we could be setting up for that Q4 run many have been calling for like happened in 2013 and 2017.The concerning thing is so many people are expecting the same pattern as after the prior 2 btc halvings and we all know what usually happens when the vast majority think something is going to happen.