Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
-1416.80-1.68%
the downside prevails as long as 82870 is resistance.
82870 is our pivot point.
Our preference: the downside prevails as long as 82870 is resistance.
Alternative scenario: the upside breakout of 82870, would call for 83870 and 84470.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 83622 and 85890).
Supports and resistances:
84470 **
83870 *
82870 **
82470
81953 last
80750
80160 **
79560 *
78960 **
Our preference: the downside prevails as long as 82870 is resistance.
Alternative scenario: the upside breakout of 82870, would call for 83870 and 84470.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 83622 and 85890).
Supports and resistances:
84470 **
83870 *
82870 **
82470
81953 last
80750
80160 **
79560 *
78960 **
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