BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
RSI is clearly overbought here on the 4hr chart. Today the RSI hit a high that it had not seen since Dec 7th. BTC is overdue for some sort of correction but be careful shorts. We may see a bearish divergence build up over the next few days, similar to what happened 4/12 - 4/15 where the RSI started down trending but the price continued up. If this scenario plays out we should still see a small correction here before more upward movement. Another note is the daily candle closed above the longterm log trendline . This could cause some continued bullish momentum and is literally what CNBC Fast Money told it's viewers they would want to see on their report yesterday.
Comment: This scenario is still looking very plausible. It's just taking slightly longer to play out than I had anticipated. We should know by whatever movement we get tonight but I remain bullish for now. Here's an updated chart.

Comment: Wave 3 lasted longer than I anticipated but wave 5 came. :) BTC could still go a little higher in my opinion but it is due for a correction and we have bearish divergence now as I predicted. Will likely get a correction soon back below 9k, possibly as low as 8k.
Comment: Wow BTC actually kept pushing right out of the bearish divergence I had seen earlier. Disregard the last comment about bearish div. Here's a chart showing the rsi resistance where it topped out both times.
Comment: Found the end of wave 5. Now it looks like an ABC correction (which has been long overdue). Then I speculate more upward movement.


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