BITCOIN Overbought but it doesn't matter!

Bitcoin (BTCUSD) is rising strongly today, against the majority's sentiment which after the ETF fake news earlier, was calling for (much) lower prices. We are almost on Monday's High, with the 1D RSI overbought above the 70.00 territory, but that may not matter at all, in case you are expecting a technical correction.

Assuming the 1 year pattern is a Channel Up, the current rise is the technical bullish leg towards a new Higher High. It is supported by the 1D MA50 (blue trend-line) and now by the 1D MA100 (green trend-line) as well. The previous bullish leg was also confirmed after breaking above the Lower Highs trend-line but didn't stop despite turning overbought on the 1D RSI. On the contrary it needed to form a Bearish Divergence of Lower Highs, before the first pull-back took place.

As a result, we don't expect a correction now, despite the overbought RSI but rather will wait for at least 3 Lower Highs, in order to take profit and wait for a 1D MA100 correction. That will be the buy with which we will target a symmetrical Higher High at 35500 on the 1.5 Fibonacci extension.

But what do you think? Does it matter that BTC is overbought or not and we will see much higher prices now? Feel free to let us know in the comments section below!

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