This is a Bollinger Band & RSI analysis, which work well together. When prices move towards the upper line of the Bollinger Bands , it means the asset is likely overbought. However, we have seen the rally continue as bitcoin has stayed near the top of the upper band. It has now broke it. I anticipate some consolidation before the next move up with possibly some retracement. You can see the consolidation that happened last time BTC broke out of the top Bollinger Band (first arrow, second (down) arrow shows consolidation period). However with Binance opening withdrawals/deposits any time now, it is hard to predict what will happen over the next day or so. Fundamental analysis hints towards bitcoin continuing its upward trend. Short term I am neutral, and I am Long mid to long term.
Note
Using the Bollinger Bands, you can see even in the 2017 bull market, bitcoins price does not stay above the top of the bollinger bands for more than a day or so. As predicted, consolidation has been occurring since the post.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.