BTCUSD Short Term Bearish but Bullish in the Long Term

2020年11月20日

BTCUSD Weekly chart is looking bullish in the long term but bearish in the short term. As can be seen in this chart, the weekly RSI is nearly 84 (yellow circle) which is extremely overbought and we need a correction of at least 20% to continue going up. It is possible to continue going up from this point but very soon a correction is more likely. The short position target in this case, is around 13K but it would be advisable to get profits at 14-15K. If you check the hourly chart, BTC has done a double top which is a bearish pattern and if going below 17K it is confirmed that a correction will start.