BITCOIN in Extreme FOMO Territory - A Warning
On the weekly chart, Bitcoin currently has a RSI value of almost 83 points. The last time this happened was during the great bull-run of late 2018, with a 70% loss of value from the top in the next two months.
Although the RSI is not a perfect indicator for predicting reversals. However, it's useful in warning traders when a certain asset is being overbought i.e. FOMO. The higher the time frame, the better the predicting value of the RSI becomes.
Bitcoin is currently residing in extreme FOMO territory. Fear Of Missing Out could lead to extreme profits if you're early, but most of the time, most of the traders are too late and will eventually get burned by either buying at the top or by not taking profits. This post indicates as a warning for traders to be aware that the price is this high because people are afraid to miss the train, not because Bitcoin is actually as valuable as it might seem.
In an earlier post I made the comment that Bitcoin might hit $2000 soon, which still stands. If we see another week like we just had, we will definitely get there. What will happen after the $2000 mark, no one knows.
Although the RSI is not a perfect indicator for predicting reversals. However, it's useful in warning traders when a certain asset is being overbought i.e. FOMO. The higher the time frame, the better the predicting value of the RSI becomes.
Bitcoin is currently residing in extreme FOMO territory. Fear Of Missing Out could lead to extreme profits if you're early, but most of the time, most of the traders are too late and will eventually get burned by either buying at the top or by not taking profits. This post indicates as a warning for traders to be aware that the price is this high because people are afraid to miss the train, not because Bitcoin is actually as valuable as it might seem.
In an earlier post I made the comment that Bitcoin might hit $2000 soon, which still stands. If we see another week like we just had, we will definitely get there. What will happen after the $2000 mark, no one knows.
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