Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
-3972.01-5.57%
the downside prevails as long as 69630 is resistance.
Our pivot point stands at 69630.
Our preference: the downside prevails as long as 69630 is resistance.
Alternative scenario: above 69630, look for 70430 and 70910.
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 is trading under both its 20 and 50 period moving average (respectively at 69709 and 70615).
Supports and resistances:
70910 **
70430 *
69630 **
68803 last
67760
67290 **
66810 *
Our preference: the downside prevails as long as 69630 is resistance.
Alternative scenario: above 69630, look for 70430 and 70910.
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 is trading under both its 20 and 50 period moving average (respectively at 69709 and 70615).
Supports and resistances:
70910 **
70430 *
69630 **
68803 last
67760
67290 **
66810 *
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