BTC Death Overbought 94! Will it wash away thousands of leverages?
Currently, BTC has soared to around 1182, which is indeed explosive, but you should widen your eyes and take a look at the RSI1 hitting 94.01!
Since the birth of Bitcoin, the number of times RSI has broken 90 can be counted on fingers; something unusual definitely has a demon behind it, this is a 'mass grave' dug by the main force for retail investors!
On the surface, the bulls are overwhelming: the price is performing acrobatics on the upper Bollinger band at 116766, the 7-day moving average at 113974 is supporting the K-line like an iron bottom, and the MACD red bars have soared to 1647.21, looking like it's been injected with adrenaline.
But I've found three bombs in the K-line. The RSI three lines are all off the chart, even more insane than the big top in 2021—historically, there have been 12 times when RSI broke 90, and 10 times it plummeted more than 15% within a week! The KDJ J value spiked to 101.2, it’s stretched to the limit!
Finally, the price is skyrocketing against the upper band, but the trading volume has shrunk by 30% compared to previous highs; isn't this the 'death charge' before the FTX crash in 2023? It's also incredibly ominous~
In the chart, the KDJ-J value at 101.2 sets a three-year record, the MACD bar at 1647.21 reaches the volatility threshold, and the Bollinger band width has suddenly expanded by 43%, warning of a trend reversal; this market is like a meat grinder starting up!
The bull market specializes in killing greedy ghosts! Still want to chase long? You might as well directly send the old stock to retirement! Those brothers shouting 'break 120,000 to chase up,' haven't they noticed the tons of short positions piled up at 117000-118400? The big players are just waiting for the retail investors to take over!
If you really can't resist, just place a breakthrough order at 118500, make a profit and run, don't be unsatisfied; cut losses at 116500! Lick blood at the knife's edge at 113974.
If you've been chasing highs and cutting lows and often find yourself stuck, without the latest news in the crypto world and without direction, click the profile picture to follow me; whether in a slow bull phase or sector rotation, you'll never miss out.
