BITCOIN Held key Cycle Support, preparing a mega break-out!

Bitcoin (BTCUSD) is rebounding off the 0.5 Fibonnaci Lower Lows trend-line that provided Support numerous times during the previous Cycle but when it finally closed a 1W candle below it (June 06 2022) it started the final bearish sequence.

Currently this is very positive for the upside’s chances and if BTC manages to close a 1W candle above the 0 Fib, we can see the final two bullish waes to 36000 and 43000. At the same time, the Higher Lows trend-line since the market bottom is holding, while the 1W MA50 (blue trend-line) hasn’t been re-tested in a month and a half.

Do you think that hold on the 0.5 Fib was the key and we are off to the races again? Feel free to let us know in the comments section below!

Tradingview link:

https://www.tradingview.com/chart/BTCUSD/n29Mop0j-BITCOIN-Held-key-Cycle-Support-preparing-a-mega-break-out