A few days ago I spoke about a barely known, quite mysterious indicator, I managed to identify it as the piCycle indicator, developed by Philip Swift. This indicator is now showing that Bitcoin’s ATH during 2021 hasn’t been reached yet and there might be more upside before it is reached.
This indicator managed to identify exactly the precise moment the top was reached during 2017 and previous cycles (one for each halving periods).
When the orange line (111DMA) crosses over green (350DMA x 2) ATH is close. The indicator is now showing that #btcusd still has some more upside to go.
This mysterious indicator is very useful to indicate when the market is very overheated. So overheated that the shorter term moving average, which is the 111 day moving average, has reached a x2 multiple of the 350 day moving average. Historically it has proved advantageous to sell Bitcoin at this time in Bitcoin’s price cycles.
The blue lines show the trend, if things carry on as is there will be a crossover of this indicator at around mid-march, by that time bitcoin would have reached 59.97k (won’t manage to go over 60k) and probably will pack up and start retracing back down. This indicator is unable to tell how far down will it go.