The second quarter of 2018 may be more successful for bitcoin.
We will remind, in the first quarter of 2018 largest cryptocurrency by market capitalization found the bottom around $6500, falling by 50 percent — this is the worst beginning of the year for cryptocurrency.
However, there is good news — big names of wall street (such as Soros and Rockefeller) are about to enter cryptoprotection. If that happens, the bulls can be activated as well, as it happened in December last year in connection with the emergence of bitcoin futures.
Historical trends on the side of bitcoin, because the BTC shows growth in the second quarter of each year. While the highest rate (second quarter 2011) amounted to 1964 percent when bitcoin jumped from $0.78 to $16,1. In second place — 2017 (131%).
The chances of bitcoin to repeat his historical model, and this year is very high, as the 14-day relative strength index (RSI) currently crypto currency is oversold.
In addition, the weekly chart shows the potential for a minor corrective rally.
In the graph above (based on the prices of Bitfinex) shows that during the third week in a row rising (favoring the bulls) week 50-MA limit the decline in BTC. In combination with a base pattern around $6500, this indicates that bitcoin may soon test resistance around $7500.
A convincing move above the $7500 could lead to a rally to the descending (bearish) weekly 10-MA which is currently at $8,605.
However, a signal of a new bearish trend to bullish will be only a close above $11 700.