Bitcoin (BTCUSD) has found support so far on its 1D MA50 (blue trend-line) following the recent 1D MA200 (orange trend-line) rejection. The question on everyone's mind is whether or not this level will hold and will 'save the day'.
Well the historical price action from all past Bear Cycles aren't that encouraging. As you see, during the 2022, 2018 and 2014 Bear Cycles, every 1D MA50 consolidation after a 1D MA200 rejection, eventually resulted into a break below (in some instances even in a matter of few days) and new Lows for the Cycle.
As a result, there are higher probabilities for BTC to break below it and extend the Bear Cycle for a bottom towards the end of the year as the 4-year Cycle Model suggests.
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