BitcoinShort
BTC Monthly RSI extremely overbought for 3rd time in history
Hello traders,
Technical analysis on the BTC monthly charts shows that we are on an extreme overbought level which has happened only twice in the past.
RSI of previous month closed at 97.6 and BTC all time highs are near to 4900$ level. Compared to the past this has happened only twice:
1st time: April 2013 / RSI close=98.7 / Highs=260$ / Retracement low= 64$ -->75%
2nd time: November 2013 / RSI close=97.7 / Highs=1170$ / Retracement low= 160$ --> 85%
3rd time: August 2017 / RSI close 97.6 / Highs=4900$ / Retracement low = ???
Also another thing worth to notice during this time is that everytime BTC is making new all tine highs almost always it retest the previous highs at some point. At the present time BTC has not retest his previous all time highs of 3000$. Here are some links where you can check the retests of the highs
imgur.com/g0eJ1qu
imgur.com/fftjUI7
So it is possible that we are entering a bear market soon...let me know what you think ?
Technical analysis on the BTC monthly charts shows that we are on an extreme overbought level which has happened only twice in the past.
RSI of previous month closed at 97.6 and BTC all time highs are near to 4900$ level. Compared to the past this has happened only twice:
1st time: April 2013 / RSI close=98.7 / Highs=260$ / Retracement low= 64$ -->75%
2nd time: November 2013 / RSI close=97.7 / Highs=1170$ / Retracement low= 160$ --> 85%
3rd time: August 2017 / RSI close 97.6 / Highs=4900$ / Retracement low = ???
Also another thing worth to notice during this time is that everytime BTC is making new all tine highs almost always it retest the previous highs at some point. At the present time BTC has not retest his previous all time highs of 3000$. Here are some links where you can check the retests of the highs
imgur.com/g0eJ1qu
imgur.com/fftjUI7
So it is possible that we are entering a bear market soon...let me know what you think ?
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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.
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.