We have reached the RED Long MA, which is historically the first step in the recovery after accumulation begins. Next, we have always seen BTC have a mean reversion to the White Long SMA next before a more drawnout and deeper correction.
After we get that correction you would expect to see reaccumulation begin again before the "Bull cycle" begins as we near the halvening.
Of course, it may not happen like this at all, but all the the boxes are being checked up until this point, and all we have to reference here is historical data.
If history were to repeat, or at least rhyme, we should see the target of the broadening formation / dragon / .618 retracement at 38k.
Currently the white Long SMA is sitting around 48k but still heading lower on the weekly here. Depending on how long it takes to get the mean reversion, it could be confluent with our 38k level by then.
After we get that correction you would expect to see reaccumulation begin again before the "Bull cycle" begins as we near the halvening.
Of course, it may not happen like this at all, but all the the boxes are being checked up until this point, and all we have to reference here is historical data.
If history were to repeat, or at least rhyme, we should see the target of the broadening formation / dragon / .618 retracement at 38k.
Currently the white Long SMA is sitting around 48k but still heading lower on the weekly here. Depending on how long it takes to get the mean reversion, it could be confluent with our 38k level by then.