Bitcoin (BTC/USD) overbought (+90 daily RSI): reversal next?
Hello traders!
I bought a bit of Bitcoin recently on its way up, but I stopped short of getting back in as
my own analysis, regardless of what predictions say (i.e. GOING UP TO 20000!), tells me
that this crypto pair has almost retraced 100% of its decline from the start of data on
the chart (2017): the pair has gone parabolic and is about 80% above the 100-day MA,
compared to the 50+% of 2019, the last sizeable peak away from the MA.
Like we saw in EUR/TRY in the 2018 peak, price will tend to rebalance after a parabolic
move up, therefore I think it is time to get out of any longs.
Also, ATR is dropping and RSI is diverging (4hr timeframe), so all of this says CAUTION.
Take care
Stay safe
See you in my next video!
Francesco (FreeFX)
I bought a bit of Bitcoin recently on its way up, but I stopped short of getting back in as
my own analysis, regardless of what predictions say (i.e. GOING UP TO 20000!), tells me
that this crypto pair has almost retraced 100% of its decline from the start of data on
the chart (2017): the pair has gone parabolic and is about 80% above the 100-day MA,
compared to the 50+% of 2019, the last sizeable peak away from the MA.
Like we saw in EUR/TRY in the 2018 peak, price will tend to rebalance after a parabolic
move up, therefore I think it is time to get out of any longs.
Also, ATR is dropping and RSI is diverging (4hr timeframe), so all of this says CAUTION.
Take care
Stay safe
See you in my next video!
Francesco (FreeFX)
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