Technical Analysis: Bitcoin Price Is Overbought But Not At Extreme Level




 

Yesterday, Bitcoin price reached another record high, topping $34,000 before slipping this morning. Although fundamentals can partly explain the recent rebound, the strength of the move has been discussed since several days.

 

 

On the technical front, Jean-Charles Gand, Chief Technical Analyst at Market Securities, noted this morning, Bitcoin price “looks overstretched here as pointed out by the RSI indicator. However the chart below shows that Z-score 200-WEEK moving average stands at +5.6 standard deviations, which is still below the record level of +7.6 standard deviations reached on Dec.10, 2017.

 

Bitcoin Price - weekly

 

Share

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email

Get in touch

If you would like to conduct an interview, call me for a conference, contribute to the blog, or for any other request, you can contact me directly. You will also find the contact details of Market Securities if you would like to receive their research offer (dedicated to institutional investors).