BTC getting hit with a lot of selling pressure
Well as you can see, 
BTCUSDT is getting pushed down by a huge amount of selling. It has been overbought on the RSI for awhile now, and the NVT - one of the most accurate indicators when applied to BTC - has reached extremely high levels as well. The demand at 7000 is holding us up right now, but if this pressure keeps up we are definitely going to be testing 6800 as support, and could easily blow through it just like we did on our way up. That's why us grinding out those previous huge resistance levels would have been a good thing imo. This parabolic rise we just experienced could in turn take us straight down just as easily.
BTCUSDT is getting pushed down by a huge amount of selling. It has been overbought on the RSI for awhile now, and the NVT - one of the most accurate indicators when applied to BTC - has reached extremely high levels as well. The demand at 7000 is holding us up right now, but if this pressure keeps up we are definitely going to be testing 6800 as support, and could easily blow through it just like we did on our way up. That's why us grinding out those previous huge resistance levels would have been a good thing imo. This parabolic rise we just experienced could in turn take us straight down just as easily. 
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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.