Bitcoin Intraday: the RSI is overbought
Bitcoin (BTC/USD)
+135.88+0.16%
The upside prevails as long as 85,389 is support, with 88,307 and 89,060 as targets
Our pivot point is at 85,389.
Our preference: The upside prevails as long as 85,389 is support, with 88,307 and 89,060 as targets
Alternative scenario: below 85,389, expect 84,129 and 83,379.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. The price is above its 20 and 50 period moving average (respectively at 85,572 and 85,223). The Bitcoin / USD is trading above its upper Bollinger band (standing at 86,447).
Supports and resistances:
89,814 *
89,060 **
88,307
86,704 last
85,389 **
84,129 *
83,379 **
Our preference: The upside prevails as long as 85,389 is support, with 88,307 and 89,060 as targets
Alternative scenario: below 85,389, expect 84,129 and 83,379.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. The price is above its 20 and 50 period moving average (respectively at 85,572 and 85,223). The Bitcoin / USD is trading above its upper Bollinger band (standing at 86,447).
Supports and resistances:
89,814 *
89,060 **
88,307
86,704 last
85,389 **
84,129 *
83,379 **
Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.
