Bitcoin Intraday: the RSI is overbought
Bitcoin (BTC/USD)
+3117.53+4.12%
as long as 77310 is support look for 81140.
77310 is our pivot point.
Our preference: as long as 77310 is support look for 81140.
Alternative scenario: the downside breakout of 77310 would call for 76030 and 75260.
Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The price could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 78093 and 76854). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 78644).
Supports and resistances:
81910 *
81140 **
80370
78702 last
77310 **
76030 *
75260 **
Our preference: as long as 77310 is support look for 81140.
Alternative scenario: the downside breakout of 77310 would call for 76030 and 75260.
Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The price could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 78093 and 76854). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 78644).
Supports and resistances:
81910 *
81140 **
80370
78702 last
77310 **
76030 *
75260 **
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