Bitcoin - A Simple But Effective Look
The chart is in the weekly period and covers all the data; so I plotted on a logarithmic scale to show the magnitude of the movements.
Bitcoin, which lost 50% of its value compared to the highest level it saw, came up to the 100-day exponential average and although there seems to be a negative divergence with RSI, and it has a hard time holding the 35.600 level.
My guess is that fundamental analysis will override technical analysis, according to the decision of the FED meeting to be held on January 25-26. If it happens; when we look at the reflection of the Fibonacci retracement levels from December 11, 2017 to December 10, 2018; The 30,000 level was strong support. It should not be surprising if there is a pullback up to this support.
Investors need to believe in Bitcoin's rise. Considering that small investors are Spot traders so I guess that large investors will not ignore this because losing money will reduce the interest in this product.
For this reason, I think that it is not unreasonable to cost, especially at these levels, which the market looks at.
Bitcoin, which lost 50% of its value compared to the highest level it saw, came up to the 100-day exponential average and although there seems to be a negative divergence with RSI, and it has a hard time holding the 35.600 level.
My guess is that fundamental analysis will override technical analysis, according to the decision of the FED meeting to be held on January 25-26. If it happens; when we look at the reflection of the Fibonacci retracement levels from December 11, 2017 to December 10, 2018; The 30,000 level was strong support. It should not be surprising if there is a pullback up to this support.
Investors need to believe in Bitcoin's rise. Considering that small investors are Spot traders so I guess that large investors will not ignore this because losing money will reduce the interest in this product.
For this reason, I think that it is not unreasonable to cost, especially at these levels, which the market looks at.
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