If we fail to break 10k, we are going back to make lower highs.
If we look back at the 2014 chart. we can see that we are in the same parabolic move. And since then the price entered this parabolic rise. There is more upside potential right now when we look at the chart.
However, I would definitely be extremely cautious about entering new longs here. The market is WAY overbought, with the RSI currently near 87. If we compare that to the reading seen before the fall in 2015, we can see that the RSI peaked at about 88. So, we are very close to where the 2015 parabolic rise peaked, in terms of the RSI reading.
One more thing to keep in mind, is that there is an enormous amount of bullishness, FOMO, greed, and extreme exuberance right now. That's a contrarian indicator people.
I would stay out of entering new positions here, either it dumps first, or goes sideways for 2 weeks. Im shorting this 100x if I get more sell signals.
BTCUSD
Hit the like button if you think we will see shorts rise soon (sell signals). Comment below if you think we will continue up. Follow if you are awesome and think bitcoin wont fall down into MORDOR!
Kind Regards
BC
If we look back at the 2014 chart. we can see that we are in the same parabolic move. And since then the price entered this parabolic rise. There is more upside potential right now when we look at the chart.
However, I would definitely be extremely cautious about entering new longs here. The market is WAY overbought, with the RSI currently near 87. If we compare that to the reading seen before the fall in 2015, we can see that the RSI peaked at about 88. So, we are very close to where the 2015 parabolic rise peaked, in terms of the RSI reading.
One more thing to keep in mind, is that there is an enormous amount of bullishness, FOMO, greed, and extreme exuberance right now. That's a contrarian indicator people.
I would stay out of entering new positions here, either it dumps first, or goes sideways for 2 weeks. Im shorting this 100x if I get more sell signals.
BTCUSD
Hit the like button if you think we will see shorts rise soon (sell signals). Comment below if you think we will continue up. Follow if you are awesome and think bitcoin wont fall down into MORDOR!
Kind Regards
BC