Bitcoin just printed a quarterly chart pattern that has never happened before, and the read on it is bad news for the next few weeks but good news for patient buyers.

• The quarterly candle shows a bullish engulfing shape for the first time in Bitcoin's history — and despite the name, it points down.
• New lows are expected, with October 4th flagged as the turn date.
• The same quarterly chart also shows hidden bullish divergence, the pattern that marked the bottom of every past bear cycle.
• The move from $60,000 to $80,000 is not the move people missed — the bigger one comes after the low.
• Anyone who thinks the recovery already happened is reading the cycle too early.

Outlook: Expect one more leg down into early October before the longer-term bottom sets in.

## Bitcoin Levels

• **Bias:** Bearish into early October, bullish after that.
• **Support:** $60,000 — the prior cycle low.
• **Resistance:** $80,000 — the current area after the bounce.