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.