Bitcoin oversold .. will it correct? Lets see..
Just an idea but you can see how heavily over bought BTC is on the weekly .. currently over the 90 RSI. You can see that I circled other RSI periods where Bitcoin was over a value of 90 and how it soon corrected afterwards.. the longest period Bitcoin hovered over 90 RSI was in the 1st 'bubble' which lasted for seven weeks before taking a dive. Same thing with the 2nd 'bubble' which also lasted 7 weeks. 3rd bubble lasted 2 weeks. In our current state of being over bought, labelled 4, we are 2 weeks in an over bought RSI over 90. If Bitcoin is nearing a correction then 19k support would be a good area to add buy orders, also the golden ratio fibs. A correction might not come for a few more weeks as per the first and second RSI bubbles show but that was when Bitcoin was a hell of a lot cheaper than it is now, so it makes sense that people would begin taking profits a lot sooner today. After a 920% gain since March, I don't think a 50% correction is out of the question but we will see!
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