BitcoinShort
Bitcoin is getting closer to a correction - part 2
In my previous idea I was considering 26K USD as the top in the BTCUSD weekly chart for 2020, but amazingly Bitcoin has gone even higher at 28.3K. There are two possible options at the moment, at the current price level:
1) To continue going up to 30K which I personally think it is unlikely as the weekly RSI is already at 90.
2) To start a correction from 28.3K and retest the fib level 0.618 at around 17K USD so that we can continue the BTC uptrend, targeting 100K USD in 2021.
Given what I have seen in the weekly chart and considering that the weekly RSI is at 90, I give 40% of probabilities to continue going up to 30K USD and give 60% of probabilities to start a correction from the top 28.3K USD. Therefore, I inclined to think that option (2) might be the case.
Remember that this is only for training and informational purposes and this is not financial advice.
1) To continue going up to 30K which I personally think it is unlikely as the weekly RSI is already at 90.
2) To start a correction from 28.3K and retest the fib level 0.618 at around 17K USD so that we can continue the BTC uptrend, targeting 100K USD in 2021.
Given what I have seen in the weekly chart and considering that the weekly RSI is at 90, I give 40% of probabilities to continue going up to 30K USD and give 60% of probabilities to start a correction from the top 28.3K USD. Therefore, I inclined to think that option (2) might be the case.
Remember that this is only for training and informational purposes and this is not financial advice.
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