Short

Bitcoin is getting closer to a correction

Updated

When checking the BTCUSD weekly chart, Bitcoin price action is getting closer and closer to a major correction. In previous ideas it was not clear whether Bitcoin was going to break 20K but it has done it. After this amazing price increase in the last few months, we might hit 25.5k or even 26k but the weekly RSI is now at 90 which has been the highest point for the Bitcoin RSI on the weekly for years. We are also close to a weekly candle close which might add some selling pressure. Just be aware that this could indicate that we are close to a reversal and we could retest BTC price levels from 15K to 17K USD in the following week in order to continue with the BTC uptrend towards 100K in 2021.

Note

To clarify, I mean retesting BTC price levels from 15K to 17K in the following weeks which might take place in January or March 2021. Then, from this point forward, get to 100K in between 2021 and 2022. It is just an estimation and remember that this is not financial advice but only for training and informational purposes.

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