Am I the only one that sees we are overbought.
Yes.. you and maybe one or two other delusional bears..
Ok what am I missing then. I'm new to this so I want to learn.
I don't claim to know much of anything either.. that is why I threw in the smiley faces.
However, I personally believe these terms of being overbought in these conditions have the potential of missing the point that BTC has been in a 10 month downtrend that has likely been manipulated downward.
Accordingly, we remain at a very low price point for the overall trend, there have been a lot of people pushed off into the side-lines looking for a trend reversal and their opportunity to buy back in.. and this may be the point to buy back in.. Yes there may be a bit of a battle for a week or so regarding whether the trend has actually reversed, and in the mean time, people may be getting back in or considering to get back in because the price has been so low for so long...
In other words, in looking at the longer term and the total market dynamics, I think it is a bit too short-sighted to suggest that we are overbought merely b/c there has been a 40% upward advance in the last week.
We can probably both agree that we are likely to see quite a bit of continued trading action in the coming days..
