Bitcoin bulls are on top of the world! However, we're seeing the vertical leg component of the parabolic move which is not going on over seven months since the trend bottom.
Bitcoin is in its seventh bullish day in a row as we continue to grow and see high gains.
Weekly charts are seeing RSI's above 80 now, and daily is increasingly growing as well.
What does this all mean? Not a whole lot just yet in the short term. However, it should let you know that you need a risk management strategy if you're trading as a pullback of some sort is DEFINITELY on the horizon.
Next major daily support is the $8,000 level which is over a 33% pullback if it touches base there. It's defintiely not impossible to think we could see a pullback of that nature before another leg up.
Enjoy them gains, but make sure you are aware of the situation we are ready for!
