Bitcoin (BTCUSD) is making a strong rebound on the bottom of its 1-month Channel Up and this analysis is in direct response to the one we published last week (July 15, see chart below), where we called this one-week consolidation:
We won't be going into too much detail then, as you can see the price made the Accumulation 2 Phase, after an identical +25.9% Bullish Leg, same as April's and by breaking below the 4H MA50 (blue trend-line), it hit the 0.236 Fibonacci retracement level.
As per the May 05 fractal hit, as long as the 4H MA100 (green trend-line) supports this Channel Up, the market should start Bullish Leg 3 towards Accumulation Phase 3 and eventually peak at around +43% from its start at $140000.
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