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BITCOIN The 2W RSI reveals the next Bull Cycle Top

Long
INDEX:BTCUSD   Bitcoin / U.S. Dollar
This is Bitcoin on the 2W time-frame. This has been used very rarely and understandably so as it is not a popular time-frame but on this particular occasion it offers valuable insight on BTC's long-term Cycles.

As you see the RSI is trading under a Lower Highs trend-line since its inception. Every Lower High is a Top and a strong pull-back has followed. On the current price action, the most recent Lower High didn't form the Cycle Top as the price is now testing the ATH , something that has historically shown that is a continuation sign of the Bull Cycle. Consequently, it resembles the March 2013 Lower High which was the last High before the Bull Cycle Top/ ATH . This suggests that the next RSI contact on the Lower Highs trend-line may be the Cycle's Top.

The LMACD is also printing a similar sequence as it is forming a Bullish Cross following April's Bearish cross, a pattern that was also seen in late 2013. The LMACD Bearish Cross of June 2013 was succeeded by the Bullish Cross of October 2013 and the Cycle Top was formed shortly after.

What do you think? Will history repeat itself? Feel free to share your work and let me know in the comments section!



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