Bitcoin has been on a tear recently but it looks like the acceleration in its rise has pushed it far above the bullish channel which has held true over the last couple of months. It looks to now be in overbought territory. Although the estimated target of the run is $1,400, the pace at which its going to get there is a bit worrisome. Keep your eyes out for potential correction somewhere along the way.
If you look at the 3m version of this chart, it did retrace back into the channel for a short period so it may end up hitting the target above the current trading channel.
If you look at the 3m version of this chart, it did retrace back into the channel for a short period so it may end up hitting the target above the current trading channel.
Trade closed: target reached:
It looks like Bitcoin hit $2,400 in short order with out a major retracement. I think a correction may be due soon. Probably in the $2000 range.