BTC analysis of current upward momentum vs past bullruns
Looking at the current upward momentum, indicators such as RSI etc. are overbought yet price keeps moving upwards.
Seems these indicators are severely lagging in a very bullish market and cannot be used to reliably determine when price will likely turn around.
In this analysis, I am simply looking at past bull-runs and hypothesizing that if we are in the beginnings of a new bull-run, where would price likely go to based on fib patterns alone.
Using the past bull-runs as examples and projecting from the major build up before the run, I am measuring fib of the overall buildup and projecting a fib extension of 4.414 as this has been a historic extension for past runs.
Seems these indicators are severely lagging in a very bullish market and cannot be used to reliably determine when price will likely turn around.
In this analysis, I am simply looking at past bull-runs and hypothesizing that if we are in the beginnings of a new bull-run, where would price likely go to based on fib patterns alone.
Using the past bull-runs as examples and projecting from the major build up before the run, I am measuring fib of the overall buildup and projecting a fib extension of 4.414 as this has been a historic extension for past runs.