BITCOIN completed 5 straight green weeks! Dead-cat or new Bull?

So BTC managed to turn the scene completely around since the May-July bleeding and has completed 5 straight green weekly (1W) candles. As you see on the chart, such bullish streak is mostly associated with aggressive runs during Bitcoin's parabolic phases of Bull Cycles.

Since the December 2018 Bear Cycle Bottom we've had four (4) streaks of 5 or more straight green weeks. Similarly in the previous Bull Cycle after the January 2015 Bottom, we've had ten (10) such streaks.

The only time BTCUSD made 5 or more straight green weeks while in a Bear Cycle, was in April 2018 (5 week streak) and in June 2014 (6 week streak). Common characteristic of those sequences with the current streak, is that on all three occasions, the streak started after the price bounced on the 1W MA50 (blue trend-line). It is important to mention here that in the first Bear Cycle of 2011, there was no such bullish 1W streak (notably it only posted 2 straight green weeks once), as shown on the chart below:


The difference between the current streak and those of the past 2 Bear Cycles, is that during those the price never broke above the 0.618 Fibonacci retracement level, while now BTC is trading comfortably above the 0.618 Fib. That is maybe the strongest indicator telling us that this is not a Bear Cycle "dead-cat" bounce on the 1W MA50, but a continuation of the Bull Cycle that started on the December 2018 Bottom. Also the RSI this time (compared to the Bear Cycle bounces) is much stronger.

So what does this 5 straight green weeks streak mean to you? Is it a Bear Cycle bounce or a Bull Cycle continuation to new All Time Highs? Feel free to share your work and let me know in the comments section!



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