RSI is currently at a level where the last 3 bitcoin rallies peaked, we are essentially at a 3rd touch of a rising trend line drawn using the last three highs from previous strong rallies, and currently trading over 3 standard deviations. Additionally the current rally on ETH suggests to me that asset allocation is beginning to shift from Bitcoin to altcoins. Betting on Altcoins may be risky at the moment, but it does seem like there is some profit taking going on.
I am not saying that Bitcoin won't reach $1000. The rally may very well peak at that level or even 1100-1200! However we are nearing resistance at both the trend line and the psychological level of $1000, beyond 3 standard deviations for multiple days in a row (so probability of the rally continuing is low), and RSI that is nearing the same levels where the last major rallies peaked.
As for the long term, this uptrend may very well continue, but the Bitcoin community still needs to come together to agree on a scaling solution. At least in the short run, in my mind, a pullback is likely. My target for the pullback is about $800.
I am not saying that Bitcoin won't reach $1000. The rally may very well peak at that level or even 1100-1200! However we are nearing resistance at both the trend line and the psychological level of $1000, beyond 3 standard deviations for multiple days in a row (so probability of the rally continuing is low), and RSI that is nearing the same levels where the last major rallies peaked.
As for the long term, this uptrend may very well continue, but the Bitcoin community still needs to come together to agree on a scaling solution. At least in the short run, in my mind, a pullback is likely. My target for the pullback is about $800.
