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.
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.
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?