With the Weekly RSI sitting at 90 - BTC just broke up from a rising wedge at $24,600 against a bearish divergence. In doing so, it only strengthened the Daily and 4H bearish signal.
How high is high enough ?! $25,900 may be the peak of this move. If you believe 2021 is going to be a bullish year for BTC, a pull back here to secure a major bullish divergence is the best thing that can happen to BTC. Continuing upwards in a parabolic fashion isn't healthy for the long term perspective.
Of the past 12 Weekly candles, 10 have been Green with only 2 very minor Red candles. The Weekly closes in 1 day, 8 hours. How statistically likely is the next weekly candle to be Red if the Weekly RSI has traded above 70 for the past 63 days and is currently peaking ?
How high is high enough ?! $25,900 may be the peak of this move. If you believe 2021 is going to be a bullish year for BTC, a pull back here to secure a major bullish divergence is the best thing that can happen to BTC. Continuing upwards in a parabolic fashion isn't healthy for the long term perspective.
Of the past 12 Weekly candles, 10 have been Green with only 2 very minor Red candles. The Weekly closes in 1 day, 8 hours. How statistically likely is the next weekly candle to be Red if the Weekly RSI has traded above 70 for the past 63 days and is currently peaking ?