Bitcoin is overbought

10 Nov

On the 6hr chart, on August 5th Bitcoin printed an oversold RSI signal trading at a low of 49,050. Now, on November 10th, Bitcoin is printing an overbought RSI signal trading at a high of 80,130. Bitcoin is up +63% from low to high in the past month. It's also trading at the top of it's 1 month trend channel. For these reasons, the probability of risk : reward are diminished for long and increased for short. At this writing, BTC major resistance round number is 80k and major support is 70k.