Bitcoin's record-breaking growth has gone far from unnoticed. It took a mere 18 days to go from the last ATH of $20k to the most recent one of 34.7K.
Today, the weekly RSI is displaying a strong downward turn after a record value of 94.5, severely overbought. To see what is next, we will take a look at the 2017-2018 market rally. Here, the RSI was strongly overbought (>80) on several occasions. Every occasion led to a short term sell-off of around 38% on average. Seeing that we didn't have a sell-off yet after the RSI displayed values of more than 80, now might be the time.
Assuming Bitcoin will drop 38%, the price might drop to $22k, potentially hitting the strong support at $20k. After the RSI drop, Bitcoins value rallied most of the time, so waiting for the RSI to cool off might be a great investment opportunity in the long term.
Today, the weekly RSI is displaying a strong downward turn after a record value of 94.5, severely overbought. To see what is next, we will take a look at the 2017-2018 market rally. Here, the RSI was strongly overbought (>80) on several occasions. Every occasion led to a short term sell-off of around 38% on average. Seeing that we didn't have a sell-off yet after the RSI displayed values of more than 80, now might be the time.
Assuming Bitcoin will drop 38%, the price might drop to $22k, potentially hitting the strong support at $20k. After the RSI drop, Bitcoins value rallied most of the time, so waiting for the RSI to cool off might be a great investment opportunity in the long term.
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