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Overbought

BTC correction idea for this monthSo a correction is in play now, and BTC likes to do 30-40% corrections in this runup since the end of 2015. This woul coincide with the middel 1d bollinger band, and would allow the 1d stoch RSI to cool down again from overbought levels to oversold levels. This would lead to an exceptional entry point within the next few days to go long. However, I strongly advise against shorting, because there is a not so low probability that BTC will just continue the rally on monday, and the full correction will not play out. This is a scenario to which I attribute a probability of about 60-70%. Since BTC is in ultra bull mode, the whole correction might not even come to pass. However, the indicators say that it is quite possible, so I will position myself accordingly, as this would be a perfect entry for a new long position. The next days/week till the 18th, and on the 18th especially, might show some insane volatility, so be careful :)
BITSTAMP:BTCUSDLong
by SebastianofMoon