BITCOIN Looking to Top Out As Volumes and RSI Taper

Earlier this fall, I said that if the parabolic pattern would continue, we'd see a price of $8,500. It looks like I'm not that far off, BUT, I think there's still plenty of work to do.

Bitcoin just saw a new ATH just shy of $8,100. However, we're seeing extremely lower volumes and a lower high on the RSI. These are almost always signs of a slow down, so we'll probably seeing consolidation or a taper off and pullback possibly down to the $6,700 levels.

The volume bar on the breakout candle not long ago was a little disappointing, and we see signs of a reversal doji candle confirmed by two bearish candles. It's anyone's guess what will come next, but technicals and volumes are pointing to the bulls losing momentum and needing to catch their breaths.

It should be an interesting trading week.

Happy trading!