Bitcoin Technical Analysis

First thing I think of when seeing the bitcoin chart is STRONG LIKE BULL! Second thing I see is WAY OVERBOUGHT! The daily RSI has been over 70 for over 2 months. I have never seen that on a chart for any stock. This may be because people who use TA (traders) aren't the ones controlling the bitcoin economy like they control the stock market.

Weekly chart has an RSI of 98.84 Last time it got that high there was a huge pullback.

Next thing I see is the a bearish divergence on the daily chart RSI.

As you see on the daily chart the RSI has been reaching lower highs as the price goes up. This is a bearish sign and usually signals a pullback.

I think that a significant pullback will make the chart a lot healthier.

I own no bitcoins (yet), but hope to see a major pullback to get myself some.