Yes! The overbought situation and bullishness is starting to subside. As we were planning, price started to move down, although we were waiting to see if a last push up to 5.5 or 5.6k. Some were calling higher but the indicated overbought, and it was showing overbought for over 14 days. Our bull push upward move went right into this resistance, as well as the resistance on the monthly.
On the weekly chart, the has been pressed up against the top (100 percent) meaning we will eventually have to start reversing momentum downward, and now we’ve seen our first leg down (5000).
Now since the on the weekly deals in terms of many days, this downward momentum will have to play out somehow over the next few weeks. With demand for all over the world increasing, institutional money, easier to use software, it’s probable to burn down into oversold territory without the price going down as far.
Published at Thu, 11 Apr 2019 12:31:07 +0000
