Bitcoin looks overbought but it can stay that way for months
On several time frames the bitcoin chart is starting to look overbought.
The daily chart looks red hot, the weekly chart looks pretty hot as well.
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Even the monthly chart is starting to look pretty ripe, but there is something that tells me we could have several more months of gains still.
Here's the monthly chart currently:
Even the monthly chart is starting to look pretty ripe, but there is something that tells me we could have several more months of gains still.
Here's the monthly chart currently:
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We are starting to trend along the upper bollinger band on the monthly chart but we can do that for a period of time before it means a top is in.
If you look back towards the run up in 2017 you will see that there was 5-8 candles riding the upper bollinger band.
If you look at where we are now, there is only 2 or so.
That means at the low end we could still see 3 more months of this type of price action, and at the high end, possibly 6 more months.
Another thing to take note of is the fact that the bollinger bands are starting to open up, which usually means a trend is emerging.
And trends can last for some time.
My conclusion is don't be in a hurry to sell your stack just because short term technical indicators are showing overbought signals, they can stay that way for a long time.
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