Merry Christmas Everyone!

First, I'd like to say a Merry Christmas to everyone!

Secondly, I'd like to do a quick Bitcoin correction update.

I Don't Want To Be A Scrooge, But...

My Bitcoin correction prediction isn't quite planning out as I expected (yet?), and I'd just like to say why I think it's still not over.

Things are looking pretty bullish on the short term charts I've looked at today, and overbought readings are cleared on most of the shorter time periods.

But!

There's one chart that makes me believe we're still not do yet. Let's have a look at it:

The Monthly Chart

The monthly chart shows that there is still a large overbought reading on the RSI.

The last two times the RSI was this high, we saw the following drops:

From around $260, down to around $64 &
From around $1100, back down to around $155

So we've had 3 figures become 2 again, and 4 figures dropping back to 3.

I'm not saying we'll see 5 figures become 4 during this correction, although it's possible. But I do believe we've still got room for prices to come down more.

My target is still $10,000. But we'll see! We could always rally higher from here as I've said before.

I'll post an updated chart tomorrow, but for now I'm off to eat, drink, and be merry!