BTC WEEKLY FOR 2018
Updated
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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