Bitcoin Short Term: the RSI is oversold
Bitcoin (BTC/USD)
-1923.54-2.69%
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 81560 and 84980.
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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 75791 and 77141). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 70303).
Supports and resistances:
84980 **
81560 *
75820 **
69352 last
62600
59290 **
55970 *
Our preference: the downside prevails as long as 75820 is resistance.
Alternative scenario: the upside breakout of 75820, would call for 81560 and 84980.
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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 75791 and 77141). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 70303).
Supports and resistances:
84980 **
81560 *
75820 **
69352 last
62600
59290 **
55970 *
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