BTC correction overdue, Oscillators at extremes, Median line hit

3 Oca 2021

BTC has been on an amazing run this year, Seems like nothing can stop it. However it feels like a correction is overdue. The question is; will BTC smash through this median line and make its way to the top of the channel or will it correct and retest the channel shown in red?

Key points:

• Oscillators are at extreme highs (but they can stay this way for a long time!)
  
• Last time the RSI was this high was at the top of the 2013 bull run and the MACD has never been this high
  
• The median line of the long term channel has just been hit
  
• Bias remains bullish long term
  
• A retest of the red channel would be around $25,000
  

RSI almost at all time highs & MACD at all time highs:


Trade with caution. I'm not buying BTC here, but I'm certainty not shorting it either. Instead I'm locking in some BTC profits and looking for opportunities in the alts. Hopefully we're at the point in time where the alt season starts really warming up.

Never Trust. Verify.
D.Y.O.R. Not Financial Advice, this is my trading journal.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.

15 Mar 2021

Not

Ahead of schedule... NIOCE