Bitcoin's recent surge is exciting, but I'm approaching with caution. The RSI is elevated, suggesting it might be overbought. I'll be watching for a potential correction before considering any new positions. Long-term, I'm bullish, but short-term volatility is always a concern.
Update: The Bollinger Bands show price near the upper band, further reinforcing my caution. A break above 70000 would change my outlook, but for now, I'm staying patient.
C
CharlieColePROnewbieMar 1
@jessicawhite84, I agree with your cautious approach. The elevated RSI is definitely a concern. However, the 200 SMA is still holding as support, so it might just be a temporary pullback before another leg up. I'm watching the Bollinger Bands closely for a potential breakout.
