BTC is on the rise making my last, short-term run off course. BTC hit another high today and is up over 50% in the past 2 weeks. Even though there is good new behind Bitcoin, this percent increase is unstable as investor will soon be trying to cash in their profits before the dip.
Looking at the 1-day candles, the Slow Stochastic indicator has hung around 90 for the past week indicating that BTC is highly overbought and the RSI indicator confirms this. However, if the Slow Stochastic stays above 80, we may continue seeing a rally. But for me, at least, investing now seems too risky because as soon as the Slow Stochastic breaks the 80 mark, we may see a correction to $3500, possibly even $3000.
Looking at the 1-day candles, the Slow Stochastic indicator has hung around 90 for the past week indicating that BTC is highly overbought and the RSI indicator confirms this. However, if the Slow Stochastic stays above 80, we may continue seeing a rally. But for me, at least, investing now seems too risky because as soon as the Slow Stochastic breaks the 80 mark, we may see a correction to $3500, possibly even $3000.
Comment:
Seems to be a bit of a correction, down $200 since post, we will see when it leads. Stochastic and RSI on 30min chart indicate oversold
Comment:
Just broke support at $4200