Hello All,
BTC is SUPER overbought. Any parabolic move HAS to correct. The 2017 fractal is near identical to this fractal. BTC fell -85% from those highs.
While looking at the RSI, we can see it has been overbought since 10k. Throughout the 2016 run, it had 5 healthy corrections to oversold conditions. This hasn't happened yet.
On the flipside, BTC can continue to run some more, 50k is psychological resistance . Although, a correction is coming very soon. We can't lose sight of these overbought conditions.
Tesla announced they have purchased BTC in their ANNUAL SEC filing. As far as I know, this means they could have boughten BTC anytime the last year. No one knows the date or price.
Thank you ! Please Comment And Like.
BTC is SUPER overbought. Any parabolic move HAS to correct. The 2017 fractal is near identical to this fractal. BTC fell -85% from those highs.
While looking at the RSI, we can see it has been overbought since 10k. Throughout the 2016 run, it had 5 healthy corrections to oversold conditions. This hasn't happened yet.
On the flipside, BTC can continue to run some more, 50k is psychological resistance . Although, a correction is coming very soon. We can't lose sight of these overbought conditions.
Tesla announced they have purchased BTC in their ANNUAL SEC filing. As far as I know, this means they could have boughten BTC anytime the last year. No one knows the date or price.
Thank you ! Please Comment And Like.
Comment:
Everyone Please note this is a WEEKLY chart. This takes weeks/months to play out. I believe a push to 50k in the short term is very possible.
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