Weekly Technical Analysis – Feb 6 2018
Has bitcoin turned the corner against the dollar? Indicators are favourable and volume is strong heading into the close of today’s candle. The major bull trend is still in tact and reminds me of the great bull run of 2013 and the 80% pullback we had in April that year. The RSI is also suggesting a buy at these levels.
Must say I’m quite surprised to see rather positive comments coming out of the SEC and CFTC hearing today regarding digital currencies. CFTC chairman Giancarlo had this to say:
As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response.
More on the hearings: http://bit.ly/2Bd5GAZ
Looks very much like the fundamentals and technicals are lining up here for a potential reversal. I suspect we’ll see sideways to slightly bullish action over the next couple of months before the major bull run resumes. Time to load up?