The relative strength index is overbought since October 19. It is approaching a dead-end as the rsi-uptrend and rsi-resistance is about to intersecting.
The next major resistance is December 17. 2017 high at $19.798.68, going through that will result in a new all time high. I can imagine that this would cause an explosion on the internet and lead to a “crypto mania” sentiment. At this point Technical Analysis and RSI is subordinate.
However! Imagination and trust are things that belongs in the church!
The thing to expect when such a steep incline occur is a steep decline when retracing, since there was never established any major price consensus (support/resistance). The first major resistance is the 78,6% Fibonacci at $15.332,24 followed by the 50-period exponential moving average at $14.071,81 and the 61,8% Fibonacci at $12.863,52.
The next major resistance is December 17. 2017 high at $19.798.68, going through that will result in a new all time high. I can imagine that this would cause an explosion on the internet and lead to a “crypto mania” sentiment. At this point Technical Analysis and RSI is subordinate.
However! Imagination and trust are things that belongs in the church!
The thing to expect when such a steep incline occur is a steep decline when retracing, since there was never established any major price consensus (support/resistance). The first major resistance is the 78,6% Fibonacci at $15.332,24 followed by the 50-period exponential moving average at $14.071,81 and the 61,8% Fibonacci at $12.863,52.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.