Bitcoins face correction after becoming overbought, historically pulling back below the 50 dma by -10%, suggesting a -30% decline.

Overnight, Bitcoins got spanked. In the lower pane we see that Bitcoin became overbought at +20% above the 50 dma. Each time that has happened, it pulled back below the 50 dma, on average -10%. Which implies a -30% decline at minimum. pic.twitter.com/xNRCilkele

— Mac10 (@SuburbanDrone) December 11, 2023