I not saying this rally is over. Bitcoin could easily double due to exuberance, however momentum is currently reaching levels typically only seen during the most Epic Bitcoin Rallies. I went head and drew horizontal lines at each peak. RSI was 94 when Bitcoin was pushing 1000, it is currently 90.
500 will be a Major psychological resistance for this rally, and it will test the limits of exuberance and greed.
If your not currently long I would not recommend going long, additionally, I would not short either because when momentum is this high it is hard to call resistance.
Since this move is well beyond 3 standard deviations, I am going to avoid calling a peak. I will leave it up to you whether or not you want to sell your current position.
500 will be a Major psychological resistance for this rally, and it will test the limits of exuberance and greed.
If your not currently long I would not recommend going long, additionally, I would not short either because when momentum is this high it is hard to call resistance.
Since this move is well beyond 3 standard deviations, I am going to avoid calling a peak. I will leave it up to you whether or not you want to sell your current position.