Overbought? Bitcoin Eyes $ 12k, Possible Correction Goal
Bitcoin may soon move to fresh all-time highs above $ 12,000, but signs of trader fatigue are still evident, price chart analysis suggests.
Sunday morning record high of $ 11,831 this morning, reaching $ 11,793 at around 08:00 UTC, as per
CoinDesk's Bitcoin Price Index (BPI). At time of writing, bitcoin has dropped back to $ 11,649.
Looking at CoinMarketCap data, bitcoin has gained 4.18 percent in the last 24 hours, and 18% over the last 7 days.
Importantly, the bulls have a brownie point yesterday by ensuring that bitcoin closed (as per UTC) above last week's highs near $ 11,500. While prices did hit the new high $ 11,831 Sunday, the day is close to a record highs - a sign of bull market exhaustion.
Bitcoin chart
A close above last week 's high (doji candle / previous high record) indicates a continuation of the rally, indicating that bitcoin can hit record highs above $ 12,000 in the next 24-48 hours.
Still, the odds of a pullback remains high, with the daily relative strength index (RSI) showing overbought conditions (above 70.00) for the 10th consecutive day.
4-hour chart
Le tableau ci-dessus montre:
.Inversion potentielle double supérieure avec le niveau décolleté de 10 950 $.
.Dernièrement, les volumes sont restés bas pendant le rallye, tandis que les périodes de liquidation ont été accompagnées d'une forte augmentation des volumes (marquée par des cercles). Un recul important des prix indique un potentiel de correction.
.Bien que le prix du bitcoin soit en train de former des plus bas, le RSI perd de l'altitude, indiquant également une possibilité de recul.
Formé au sommet du marché haussier, un double sommet est un modèle d'inversion baissière comprenant deux pics consécutifs qui sont à peu près égaux, avec un creux modéré entre les deux.
Une cassure sous le support de décolleté (10 950 $) confirme un retournement baissier. Si la bougie de 4 heures ferme en dessous de 10 950 $, les prix peuvent retomber à 10 100 $ (objectif selon la méthode de la hauteur mesurée).
Vue
Bitcoin could set fresh record highs above $12,000, as imminent BTC futures listings from CME and the CBOE are seen as opening doors for institutional investors.
However, chart studies still suggest that a healthy pullback to $10,000 is possible.
However, only an end of the day close below $10,000 (rising trendline support on the 4-hour chart) would indicate a temporary top has been made. In that scenario, prices could then test $8900-8,600 levels.
Climber on peak image via Shutterstock
