🔥 Bitcoin Most Overbought Since Oct'21: Correction Time?

12 Oca 2023

Over the course of the last week I've made several bullish longer term analyses on Bitcoin. I still stand behind my long-term view that BTC is currently a great buy for long-term investors and that there's a decent probability that $15,5k was the market cycle bottom.

See the analysis below for many of my recent bullish analyses:

Me being long-term bullish doesn't mean I can't look for weakness or even short-opportunities in the short term. If I were a bear, I'd be waiting for an opportunity like this for a very long time.

Bitcoin's daily RSI is currently the most overbought since October of 2021, around 15 months ago at the height of the bull market.

Between then and now there's been one other instance of the RSI being overbought; late March 2022. Past two occasions have been great shorting opportunities for bears.

Will we go down and make new lows? Maybe. I stand by my view that BTC is currently in a very good spot for long-term investors, but I also recognize the fact that bears have been waiting for an opportunity like this in order to short. Since we've been going up for almost two weeks now, it might be time for a (minor?) correction.