First, I would like to start by saying that I am not a professional by any means of reading charts however, I do know a little bit about FOMO (Fear of Missing Out)
What we can see from this graph is that from November 25th through the 27th (Today), there has been virtually no support during Bitcoin's growth vs USD from $8,200 to the $9,600 it is currently. This is indicative of a bubble. Now like all bubbles, they burst! My expectations for Bitcoin within the next week are for it to get close to $10,000. I also believe that it will dip substantially back down to around $9,000 or lower as it tries to find its support. Possibly to even $8,600.
As you can also see by the RSI (Relative Strength Index) at the bottom in purple, Bitcoin has been overbought since since November 25th through now. This surely cannot last. I am not saying this to scare anyone investing as I am NOT a financial advisor, however, please DO NOT fall into the FOMO category as Bitcoin may be due for a correction here shortly. I do believe it will pass $10,000 before the end of the year and stay there, but if it does here shortly, I cannot imagine it staying about $10,000 for long.
Again this is all my speculation and with limited knowledge of reading charts. I recommend you do your own research and come to your own conclusions. If everyone knew where the markets were going to go, everyone would be billionaires!
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If you're interested in learning more about reading financial charts, I recommend you use: https://www.tradingview.com/ideas/
Terms I used in this post:
https://www.investopedia.com/articles/technical/061801.asp (Support & Resistance)
https://www.investopedia.com/terms/r/rsi.asp?lgl=rira-layout (Relative Strength Index)
P.S. Please feel free to comment your thoughts/opinions on this thread as I am interested in learning more and would love to read them!
Lo correcto es seguir a Dios.
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