Based on the fact, that MACD and RSI broke into negative territory on the weekly chart, which it only did back in 2013/14 before the long consolidation phase, this is a very valid szenario.
Also weekly moving average was building resistance for first time in years.
The fun fact is, that even if BTC will touch 3000, predictions for 30000 until summer 2018 are...
There are voices who are telling that cryptocurrencies (especially bitcoin) cant be seen like regular currencies. Cryptos need to be watched on a logarithmic scale until they settle. Is this how the fibonacci channel should be seen?
I am a total rookie in regards to chart analysis, so what I found might be total nonsense.
Time will tell. What do you think?
At the moment Iconomy seems to be a sleeping beauty, that waits for starting another leg in it´s cyclic run on the logarithmic scale. Their cryptocurrency fund is doing very well, which shows Iconomi´s ability to manage such a fund smoothly in times of extreme volatility.