BTC not bullish yet.
Similar behaviors can be found on previous bear cycle and this one, price action droped drastically to the median, a small bounce and retraced back, grinded the median and then a break out to the upper side, this while NVT started to flash red on 2014 as well.
On the RSI , the orange line drawn from the top of each bull cycle with an aproximate date that'd check with the white resistance & support trendline in the chart up to January 2020 to possibly create a capitulation bottom, 2015 capitulation bottom was also on January, coincidence? maybe.
The green triangle on the RSI is created once the price action reached the median for the first time and created a low on the RSI, the peak was made in the spike up and now it will go down like in 2014.
Final distribution could happen in the teal color rectangle .
BTC cycles have been extending, like any asset that is maturing, I do not think in perfectly timed cycles.
Still room to go up some more, but could nose dive after reaching 5.85 - 6.1k usd.
TL; DR Capitulation on Jan 2020 > 8+ months distribution > Start of next bull Run on Q4 2020.
On the RSI , the orange line drawn from the top of each bull cycle with an aproximate date that'd check with the white resistance & support trendline in the chart up to January 2020 to possibly create a capitulation bottom, 2015 capitulation bottom was also on January, coincidence? maybe.
The green triangle on the RSI is created once the price action reached the median for the first time and created a low on the RSI, the peak was made in the spike up and now it will go down like in 2014.
Final distribution could happen in the teal color rectangle .
BTC cycles have been extending, like any asset that is maturing, I do not think in perfectly timed cycles.
Still room to go up some more, but could nose dive after reaching 5.85 - 6.1k usd.
TL; DR Capitulation on Jan 2020 > 8+ months distribution > Start of next bull Run on Q4 2020.
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