Where are we in the monthly chart?
Call me dreamer o crazy, I don't care, but I have been watching the BITCOIN monthly chart in combination with its RSI indicator since a couple of weeks already, trying to find the "proper point of OVERBOUGHT condition" which would lead the inevitable long correction. It appears that, despite the amazing performance these past weeks and the sustained growth only stopped very temporary for a few spikes of -20% the biggest, the RSI is still at 86%, that, for charts below the 1 month timeframe would mean an imminent correction ahead... However, the last two past bull runs, the Monthly RSI reached 96 before sending BTC to the catacombs.
...and what is still more surprising is that if we try to launch an horizontal line towards last time monthly RSI was at the current level, it points to a place on which BTC was still priced at 1200 USD, around May 2017. Then, project the same percentage of growth till ATH, it comes that the new ATH would be reached by the end of the year and that the top would be... more than 500K?
Again, another stupid prediction from a crypto dreamer but...would it be feasible this time?
Enjoy!
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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