Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
-269.09-0.32%
The downside prevails as long as 85,783 is resistance, with 83,715 and 83,385 as targets
Our pivot point is at 85,783.
Our preference: The downside prevails as long as 85,783 is resistance, with 83,715 and 83,385 as targets
Alternative scenario: above 85,783, look for 86,345 and 86,679.
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. The price stands below its 20 and 50 period moving average (respectively at 85,506 and 85,702). The Bitcoin / USD is trading below its lower Bollinger band (standing at 84,932).
Supports and resistances:
86,679 **
86,345 *
85,783 **
84,376 last
83,715
83,385 **
83,054 *
Our preference: The downside prevails as long as 85,783 is resistance, with 83,715 and 83,385 as targets
Alternative scenario: above 85,783, look for 86,345 and 86,679.
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. The price stands below its 20 and 50 period moving average (respectively at 85,506 and 85,702). The Bitcoin / USD is trading below its lower Bollinger band (standing at 84,932).
Supports and resistances:
86,679 **
86,345 *
85,783 **
84,376 last
83,715
83,385 **
83,054 *
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