Bitcoin BTC Entering The Danger Zone
Bitcoin has reached serious overbought territory on the 4hr. If we are still in a seller's market we can expect this to snap to the downside with good certainty. I am still respecting the downtrend which is why I'm expecting the downside. We have seen the RSI hit this level roughly 6 other times since February and each time was met with heavy selling pressure. Another key thing to note here is the 50MA is about to cross up on the 100MA. We have seen it do this 2 times before since May and both times a big drop happened afterward.
On the other hand, if BTC keeps its strength without losing momentum on the RSI that will be a good sign for further expansion. If the 50MA crosses up and holds its strength to the upside we might start to see real momentum. These will be signs the trends are changing.
I should have known once Cathie Wood stamped her name on that BTC conference things would magically move to the upside.
All things to consider, thank you!
On the other hand, if BTC keeps its strength without losing momentum on the RSI that will be a good sign for further expansion. If the 50MA crosses up and holds its strength to the upside we might start to see real momentum. These will be signs the trends are changing.
I should have known once Cathie Wood stamped her name on that BTC conference things would magically move to the upside.
All things to consider, thank you!
Comment:
This is just to update you on just how significant this pump was. We haven't seen these levels on the RSI since the Bull Run was in full effect. It is hard to gauge since there was a massive short squeeze but nonetheless, that's a powerful reading.
