The weekly RSI is currently 88.7 at the time of writing.
The highest ever recorded weekly RSI was 91, which occurred twice over BTC's history, and both times were followed by severe retraces.
The MACD is blown out on both the daily and weekly time frames, and the MACD is currently touching the same height it did in 2017 before the top of the market was reached.
The stochastic RSI has topped out on the daily and is declining, while it is maxed out on the weekly time frame.
The bollinger bands are blown wide open and price will likely look to move to the bottom side of the bands on a retrace.
Looking at the ichimoku cloud , BTC has not touched the Kijun for 74 days now. This is most likely the longest that price has ever remained above the Kijun without coming back down to touch it. Price will eventually have to return to the Kijun to test it and confirm it as support before going much higher.
So, where should we expect BTC to return to? A healthy retrace would be to the 2017 ATH , which is around $19,450. This would allow for RSI to cool off, MACD to return to bottom, bollinger bands to contract afterwards, and a touch off the Kijun.
The highest ever recorded weekly RSI was 91, which occurred twice over BTC's history, and both times were followed by severe retraces.
The MACD is blown out on both the daily and weekly time frames, and the MACD is currently touching the same height it did in 2017 before the top of the market was reached.
The stochastic RSI has topped out on the daily and is declining, while it is maxed out on the weekly time frame.
The bollinger bands are blown wide open and price will likely look to move to the bottom side of the bands on a retrace.
Looking at the ichimoku cloud , BTC has not touched the Kijun for 74 days now. This is most likely the longest that price has ever remained above the Kijun without coming back down to touch it. Price will eventually have to return to the Kijun to test it and confirm it as support before going much higher.
So, where should we expect BTC to return to? A healthy retrace would be to the 2017 ATH , which is around $19,450. This would allow for RSI to cool off, MACD to return to bottom, bollinger bands to contract afterwards, and a touch off the Kijun.