Bitcoin smashed through $16K like it was nothing! And we moved out of the wedge we saw the other day... but we moved up! Which is great, as we thought it could go down and were preparing for a slight pullback.
What does this mean?
With the RSI over 70 we think it is starting to look like FOMO has taken hold again and we are watching a BTC buying spree begin to take hold! And why shouldn't it?
If you believe Bitcoin is going to be a major investment and digital asset in the world of tomorrow, you likely see the current price as a flash sale!
If Bitcoin is going to have mass adoption and acceptance, what will the price be in the future? Will it be more than $16K?
PROBABLY A LOT MORE!
The charts are still looking bullish for the most part except for that pesky RSI.
The moving averages still look solid, and volume is trending upward.
It's starting to look like FOMO!
The only thing that is looking bearish is the RSI. The Relative Strength Index is showing that we're currently at 76. Remember 70 is the cutoff point where things look overbought. The only way to explain the moves up with this high RSI is FOMO!
Enjoy the ride hodlers!
Keep watching the charts! 馃搱
Please note : this is opinion and should not be taken as financial advice.
