🛑🛑is market over bought ? 🛑🛑
first of all you dont need a rsi to tell you if the market is over bought or not
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noobs or beginners or those people who don't understand what market is doing use rsi
rsi is useless
all indicators are useless except moving average
because moving average is the average price where professionals love to buy
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if you understand price action you don't need indicators
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lets come back to btc is it over bought ?
whenever strongest move comes late in a trend its often a climax
climax doesn't mean reversal it only means market may take a pause
is btc over bought maybe yes
or we may continue up
but does that mean a reversal ?
absolutely not
no matter how strong first reversal will be
it will be minor and we will test prior high
market is extremely bullish right now don't even think to short for long term
even if we get very strong reversal
if btc touches 35k or 30k it will be minor and we will test back this level
it will depend upon the pullback
how weak or strong next pullback will be
am i long on btc ?
no
i am a value trader which means i like to enter on pullbacks
i am waiting for a pullback
i entered at breakout level and booked few days back
over bought is nothing but a pause in trend
$BTC $ETH
