This is a simple chart based on yearly fib levels to find our targets for the next bull run (if there's one).
Things that lead me to believe bottom is in:
200 Daily MA finally got hit after more than 1 month of correction [chart shows the weekly 29 MA which is basically the same]
Mayer Multiple (not shown in chart) is at 1.113 indicating BTC is undervalued. [8743/7849= 1.113]
Stoch RSI at 0 indicating BTC is oversold.
On the fundamentals side, I know is going to be a great year for bitcoin even if price drops more.
LN nodes are growing exponentially and RSK to add smart contracts for bitcoin through a 2-way peg mechanism that will allow merge mining.
Certainly, this will help the network solve scalability issues, give a better performance and have greater irl utility.
Things that lead me to believe bottom is in:
200 Daily MA finally got hit after more than 1 month of correction [chart shows the weekly 29 MA which is basically the same]
Mayer Multiple (not shown in chart) is at 1.113 indicating BTC is undervalued. [8743/7849= 1.113]
Stoch RSI at 0 indicating BTC is oversold.
On the fundamentals side, I know is going to be a great year for bitcoin even if price drops more.
LN nodes are growing exponentially and RSK to add smart contracts for bitcoin through a 2-way peg mechanism that will allow merge mining.
Certainly, this will help the network solve scalability issues, give a better performance and have greater irl utility.
Note
the week I posted this chart price went below the blue 200 day moving average and pink line but it managed to pull back and close above them (reversal candle) even though I have stayed neutral ever since and decided to wait a few weeks to see the chart develop a little more.Price has made higher lows ever since the bottom at 6k and is now heading to a key resistance level at 12K (we had a lot of accumulation there before the dump).
a weekly close above 12k would be bullish, price should maintain making higher lows on the 4hr/daily timeframes.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.