Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
-1105.73-1.45%
the downside prevails as long as 75820 is resistance.
75820 is our pivot point.
Our preference: the downside prevails as long as 75820 is resistance.
Alternative scenario: the upside breakout of 75820, would call for 76640 and 77140.
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 75622 and 75896). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 75053).
Supports and resistances:
77140 **
76640 *
75820 **
74754 last
73750
73260 **
72780 *
Our preference: the downside prevails as long as 75820 is resistance.
Alternative scenario: the upside breakout of 75820, would call for 76640 and 77140.
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 75622 and 75896). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 75053).
Supports and resistances:
77140 **
76640 *
75820 **
74754 last
73750
73260 **
72780 *
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