Bitcoin Technical and Fundamental Update by Crypto Mate Team

Greetings from Crypto Mate Trading Services,

There was lots of request we were receiving to post detailed update of bitcoin possible upcoming move. So here we are, with detailed technical and fundamental update on bitcoin.

Bitcoin Analysis on Weekly Chart

As you will notice in weekly chart that bitcoin has never gone below 50 RSI level on weekly chart from last 3 years. It has bounced from 52 RSI level in last 3 years and right now it is hovering around 55 RSI level. If bitcoin remains in consolidation from $10k to $12k range for next 2 days, weekly candle will close as bullish reversal sign. It is more likely to have doji, dragon fly or hammer reversals candle.

Fibonacci Analysis on Bitcoin

We are expecting 1 more lower low to test 9400 to 8800 area to have a bottom and end of correction. Bitcoin has broken out of bear flag pattern but as far as it remains above $10800 horizontal support, we will be seeing consolidation for next few days as well.

Bitcoin Analysis on Daily Chart

Bitcoin have a psychological support at big round number of $10,000. We might see few wicks below $10k to $9400 as bitcoin is forming a falling wedge as well.

Fundamental Analysis on Bitcoin

CME futures is expiring on 26th (This is not a bearish sign at all, as we seen some panic post)
Transaction fees are down (Bullish)
Lightning nodes are growing exponentially (Bullish)
Koreans will join Crypto after 1st February with new tax regulations rules (Bullish)
For Medium Term: We may see new ATH in Q2 of 2018 around 27k upto 33k
For Short Term: Bitcoin will go below 10k for a short time, so short term traders can make their descision.
Altcoins will remain Dull and Dry until korea will join. So we are accumulating altcoins with entries given in specified channel.