Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
+1579.81+1.75%
the downside prevails as long as 89810 is resistance.
Our pivot point stands at 89810.
Our preference: the downside prevails as long as 89810 is resistance.
Alternative scenario: above 89810, look for 91110 and 91890.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90340 and 91375).
Supports and resistances:
91890 **
91110 *
89810 **
89290
88625 last
86990
86220 **
85440 *
84660 **
Our preference: the downside prevails as long as 89810 is resistance.
Alternative scenario: above 89810, look for 91110 and 91890.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90340 and 91375).
Supports and resistances:
91890 **
91110 *
89810 **
89290
88625 last
86990
86220 **
85440 *
84660 **
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