RSI weekly
Zooming out again, we can see that the last time the RSI dipped below 50 on the weekly RSI was back towards the end of 2014. What followed was a rather prolonged bear market which lasted all the way up to the end of 2015 (over a year downtrend). When the RSI passed back across the 50 RSI on the weekly, well, we all know what happened then, a bull run which took us all the way up to 20k.
This is obviously all pure speculation, however, if Bitcoin does follow a similar cycle as it did towards the end of 2014, then we could be going as low as 3k this year. But, what will hopefully follow after the RSI crosses back above 50 will be a bull run like none seen before :)
There was a lot of talk (back in Jan) about price not dipping below the 50 RSI for over 2 years, so it was very unlikely to do so. Well we have now crossed below the 50 RSI (on the weekly chart) and things could continue to decline for the next 6 months or so before there is a proper reversal. I just wanted to put this up now as a record of my thoughts more than anything, obviously, like i've already said, this is pure speculation and i'm not some kind of mystic that can predict the future...! I just like drawing lines on charts :)
Please upvote and comment :)
SmilingLlama 
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