When checking the Weekly RSI on the BTCUSD weekly chart, it is clearly showing we are close to a correction of at least 20%. BTC is long term bullish but we need to have a healthy correction now after so many weeks without one. As you can see in the weekly RSI, highlighted in yellow circles, the BTC price action (now at $18800) and related RSI level is touching now the 85 level. This RSI level is also touching the yearly descending line (line in white in the RSI indicator) which might be a strong resistance at this point. Also, the fear and greed index is record high at 95. Be aware of this. That is why BTC is now looking short term bearish and long term bullish.
This is non financial advice and only for training and informational purposes.
This is non financial advice and only for training and informational purposes.
