Bitcoin Intraday: the downside prevails as long as 111960 is resistance
Bitcoin (BTC/USD)
-3699.12-3.32%
the downside prevails as long as 111960 is resistance.
111960 is our pivot point.
Our preference: the downside prevails as long as 111960 is resistance.
Alternative scenario: the upside breakout of 111960, would call for 113290 and 114080.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 112025 and 112573).
Supports and resistances:
114080 **
113290 *
111960 **
111430
110563 last
108920
108130 **
107340 *
106550 **
Our preference: the downside prevails as long as 111960 is resistance.
Alternative scenario: the upside breakout of 111960, would call for 113290 and 114080.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 112025 and 112573).
Supports and resistances:
114080 **
113290 *
111960 **
111430
110563 last
108920
108130 **
107340 *
106550 **
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