Right now the market is euphoric over new pumps on BTC, we can analyze the 1H RSI that bitcoin has when tops are reached, right now 61,200 the RSI of bitcoin is over 84, if we look at the similar scenarios to establish a pattern, we could look at the ATH of 61,700 and the local high before that one of 57,000. Both times the RSI on 1H was in similar levels (over 80), to reinforce the idea one could also look at the 4H RSI which also hovers around the same level.
Yet still, this is bitcoin, and things get wild very quickly, i wouldnt be surprised if we got another leg up to 63k, so probably shorting a big amount isnt such a great idea, but i definitely wouldn't consider this a buying spot, i would prefer to wait for a pullback and buy with peace of mind.
Taking that into account i do think that taking profits (at least partial) at this level is a good idea.
This isn't financial advice and I am by no means saying that this is the end of the bullrun but buying at this level taking into account what indicators tell us would be unwise.
P.D if we also check the daily RSI and take it into account it actually isnt pretty high, so in the longer term it doesnt really tell us that much but that there is the POSSIBILITY of more growth.
Feel free to compare this idea with the 2017 ATH and the bullrun that happened in that timeframe (: !.
Yet still, this is bitcoin, and things get wild very quickly, i wouldnt be surprised if we got another leg up to 63k, so probably shorting a big amount isnt such a great idea, but i definitely wouldn't consider this a buying spot, i would prefer to wait for a pullback and buy with peace of mind.
Taking that into account i do think that taking profits (at least partial) at this level is a good idea.
This isn't financial advice and I am by no means saying that this is the end of the bullrun but buying at this level taking into account what indicators tell us would be unwise.
P.D if we also check the daily RSI and take it into account it actually isnt pretty high, so in the longer term it doesnt really tell us that much but that there is the POSSIBILITY of more growth.
Feel free to compare this idea with the 2017 ATH and the bullrun that happened in that timeframe (: !.
註釋
Indeed!, with the drop of BTC under 59k we correctly called a LOCAL top using a very simple indicator which is RSI, even thought this doesn't mean that the bullrun is over as stated above it does unsettle a bit since this would be the third time that BTC rejects 62k so maybe longer term consequences are to be found.This is by no means financial advise!, please make sure to make your own reaserch and share it with others so we can all learn!
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