Up or Down - FUD or FOMO - Bear or Bull
The RSI (Relative Strength Index) dipped yesterday to around 43 with a small sell off. That low RSI was countered today with a large green candle, signalling the day traders are still at it with Bitcoin.
We continue to watch the 10 and 50 day moving averages closely. The negative cross that occurred about 10 days ago still has us a bit concerned about this recent bull run possibly coming to an end... 🤔
We first mentioned this 9 days ago as it was a surprising bearish signal.
Keep in mind, we hadn't seen a cross of these two lines for 6 months! And that 6 months was a bull run up from around $11,275 to around $60,000. There is still optimism that this could have been a temporary slow down and a golden cross could happen this week.
If a cross happens, we'll be watching for a new all time high around the $66,000 USD mark.
Let's hope we can pull out of that death cross this week!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.