Simplicity is king.
I hope you will find this simplified idea useful and informative!

Between 2021-2022 connecting lows and connecting highs formed a tunnel like formation, meaning weekly support and resistance levels are parallels for close to 18 month.
Within the tunnel, July 2021, just before the ATH of around 68,000 – November 2021, two major indications appeared that a new rally is coming for Bitcoin .

-W shaped ‘Double bottom’ pattern – https://www.investopedia.com/terms/d/dou…
-Higher high breakout from descending trend-line stretching from the peak of April 2021, around 64,000 – Which followed with a retest of the broken trend-line.

Once the the Double bottom crossed above the neck-line as well as a new high above the descending trend-line, the rally continued full force and a new ATH was reached in no time (9 weeks).

FAST FORWARD TO TODAY –

Similar indications appear on chart.

‘Double bottom’ appears combined with a higher high above the descending trend-line from the ATH of October 2021.
Also, we see a consolidation between Feb to April 2022 in the form of a triangle which has broken above recently as well.

A retest around 39,000-40,000 is still possible within the breakout – While targeting the peak of the 2021-2022, which would be around 70,000.
This is relevant for as long as price keeps within the weekly tunnel , support of the tunnel is around 34,000-35,000.

Fundamentals supporting potential for immediate bullish Bitcoin –

-Biden signing a bill to aim to regulate crypto currency
-Inflation soaring
-Consistent market cap increase
-Attractive price entry
-UK regulator recently allowed 5 crypto firms to operate with temporary registration

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