I've been seeing a lot of people on TradingView saying BTC is going to the Moon and that it's going surpass the previous ATH . Be very careful in this scenario. Greed is setting in and people are seeing $$$. When that happens it may be a good time to take some profit. It is possible that we have another several thousands dollars to go up, but the price cannot go up forever without a correction. There would be a lot of risk for little reward if you were to buy BTC now, only for it to plunge in the next day or so.
The RSI indicator at the moment is showing way overbought. The 4-hour RSI is at 91 and the daily is at 88. That's very high! Even the weekly is at 83. I put the yellow resistance line up on the RSI . For the most part, it has acted as a good guide for when to sell, especially for this most recent rally. The last 2 times it hit the resistance trend, it bucked. Bitcoin is also hitting a strong resistance area between $13,500-$14,000. Just more evidence to me as to why I should take profit now. It is absolutely possible that Bitcoin takes off. I'm just calling caution into the greed and overbought conditions of the current market that are making me take pause. On the chances of probability, I imagine we will have a correction soon.
The RSI indicator at the moment is showing way overbought. The 4-hour RSI is at 91 and the daily is at 88. That's very high! Even the weekly is at 83. I put the yellow resistance line up on the RSI . For the most part, it has acted as a good guide for when to sell, especially for this most recent rally. The last 2 times it hit the resistance trend, it bucked. Bitcoin is also hitting a strong resistance area between $13,500-$14,000. Just more evidence to me as to why I should take profit now. It is absolutely possible that Bitcoin takes off. I'm just calling caution into the greed and overbought conditions of the current market that are making me take pause. On the chances of probability, I imagine we will have a correction soon.
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And there she goes...