Taking a look at the 1Day chart setup to get a birds eye view of the Bitcoin market action.
We can see the incredible bull run that BTC had with the purple line indicating the previous top channel. This market is incredibly bullish and keeps on making new ATH’s, for now.
As you can see the new top channel indicates that 12000 is a possibility should the bulls push us above 11800.
The RSI is indicating clearly overbought conditions and it is the 3rd time since October that we find ourselves above 70 on the RSI. (1day candles)
My opinion at this point: We might hit a new ATH in the next day or two, as well as the strong possibility of a selloff with the difficulty adjustment coming up.
Support levels still valid from my previous posts. Safe trades