We are seeing Bitcoin recovering since last week and so far into the current, we sit on the 2nd straight green 1W candle. This is perhaps the most important week that may show if BTC will restart the long-term bullish trend , or will dip and make a new bottom much lower that the 2022 low.

The key here is the 1W MA50 (blue trend-line), which will most likely be tested by the end of this week. The price has failed to close a 1W candle above it, for 12 straight weeks. It is obvious that a break above the 1W MA50 will be a major buy signal.

What may be even more important that this, is the 1W RSI , which is forming a pattern that was previously seen in the bottom sequences of December 2018 – January 2019, November 2019 – December 2019 and May 2021 – July 2021. A common feature on all of those sequences is that the break-out came with the LMACD making a Bullish Cross, while at the same time the price broke above the consolidation’s Resistance.

Right now Bitcoin is very close to the LMACD Bullish Cross, while the RSI is on Higher Highs and is starting to break to the upside. The consolidation’s (bottom sequence) Resistance is just below the 46k mark. Coincidentally, this is exactly where the 1W MA50 currently is. Has the time finally come for BTC to break above it? Feel free to share your work and let me know in the comments section below!

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