Another Record For Bitcoin - $11,800!

Bitcoin continues its bull-run and hits another all time high of $11,800 today!

But the big question is;

Where Is The Correction?

I've been doing a fair bit of charting/TA on Bitcoin lately, and I've been expecting it to correct. But it simply hasn't been happening!

Last time we reached a new ATH; it got to $11335 USD or so before pulling back to around the $9000 mark. That isn't really what we would call a correction, but more of a short term dip.

That very dip was supported by the long-term resistance line (top red diagonal) that is now acting as support after being broken not too long ago. As you can see here:

Marked "Support Held"

The MACD has gone bullish once again, with the blue line back above the orange one.

And!

The RSI - which went back into neutral territory after the dip - is also now approaching the overbought reading once more.

Both of these reading mean that BTC is getting somewhat overstretched once again, but what's more concerning is...

Where's The Volume?

The biggest thing making me wonder about the current price, is the seeming lack of volume. You can see in the top chart that it is below average.

There's a a saying that; "Price tells a story, but volume tells the truth" meaning that the price may currently be a little inflated.

The other thing which makes me believe we're still waiting for a correction is the daily chart here:

Yesterday's volume was lower, but the main thing is the RSI, which has been showing btc as overbought since about the 25th of November.

If momentum keeps up, the RSI becomes less reliable that a correction indicator, but with volume a little lower than normal; it could be a sign that things are "topping out".

I think we're ready for a correction, but I've been saying that for a little while now and it hasn't come. Positive news could further fuel the fire and see Bitcoin surge again too. So it could go either way.

Thanks for viewing!

Not investment or financial advice.