A little while ago I published a chart indicating that Bitcoin was "ripe for a sell off". The price went from about ~$6200 to about $5700 representing about a $500 decrease. Since then the price has recovered and there appears to be more optimism among the market that bitcoin prices will recover. The "SMART RSI" indicator is currently trading at strong levels compared to before, however the price is not yet overbought leading to the potential for an increase in strength of the bull rally as the effect of not wanting to miss out stacks momentum. Despite this, the price remains bounded to the upside by the top of a descending triangle I pointed out in my previous chart. In my mind, a breakout to the upside from this point would invalidate the descending triangle, and make for a very compelling opportunity to go long and look for moves back towards the $10,000 level over the intermediate term. It is important we watch the level closely to look for breakouts to the upside.
