BTC Overbought Sentiment Continues, Pay Attention To Possible Huge Fluctuations

 2020-11-06 08:49:59

Analysts at bexplus believe that:  As the price of BTC pulled upwards below $16,000, the effect of price overbought was further enhanced. From the analysis of multiple indicators, although the BTC indicator is overbought, the trend is still relatively stable, and there are no more risk signals. At this time, we can further pay attention to the possibility of strong price shocks from the expected increase.

In terms of indicators, during the daily k-line BTC price increase, the RSI indicator prompts an overbought signal, which is related to the recent BTC's continued close up.


Because this week is the fifth week of BTC's close up, and there are many trading days for daily closing up. Therefore, the price-driven indicator overbought is also expected. The key issue is that after the BTC level increases, even if the number of trading days that continue to rise decreases, the possibility of a strong earthquake is very high. Most markets are expected to face strong shocks to the stage of rising trading enthusiasm. As the price of BTC continues to rise, the volume of transactions is relatively stable. The recent peak volume just exceeded the peak volume in September, indicating that more investors have begun to join short-term trading. From the perspective of volume and price, BTC has just shown a signal of increased chip distribution, which is a short-term adjustment signal.

In terms of the number of active addresses, the number of active addresses for three consecutive trading days reached 1.03 million, 1.16 million, and 1.06 million, respectively. The number of active addresses of 1.16 million was the highest in two years, but did not exceed the peak in 2017. This shows that trading enthusiasm is still being released, and there is no signal for investors to escape the top in the short term.

Under the influence of the U.S. election, the U.S. stock market also rose strongly. The rise of BTC is in line with the overall financial market trend. In the current uncertainty, BTC has been recognized by investors in the near future.

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