Bitcoin Intraday: the RSI is overbought
Bitcoin (BTC/USD)
-1208.91-1.04%
the upside prevails as long as 119020 is support.
119020 is our pivot point.
Our preference: the upside prevails as long as 119020 is support.
Alternative scenario: below 119020, expect 117850 and 117160.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 118896 and 118476). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (120068).
Supports and resistances:
124070 **
123370 *
122670 **
121970
120562 last
119480
119020 **
117850 *
117160 **
Our preference: the upside prevails as long as 119020 is support.
Alternative scenario: below 119020, expect 117850 and 117160.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 118896 and 118476). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (120068).
Supports and resistances:
124070 **
123370 *
122670 **
121970
120562 last
119480
119020 **
117850 *
117160 **
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