Bitcoin Short Term: the downside prevails as long as 84550 is resistance
Bitcoin (BTC/USD)
-199.38-0.25%
the downside prevails as long as 84550 is resistance.
Our pivot point stands at 84550.
Our preference: the downside prevails as long as 84550 is resistance.
Alternative scenario: the upside breakout of 84550, would call for 91460 and 95570.
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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 87603 and 88786).
Supports and resistances:
95570 **
91460 *
84550 **
81830
78074 last
69470
65440 **
61410 *
57380 **
Our preference: the downside prevails as long as 84550 is resistance.
Alternative scenario: the upside breakout of 84550, would call for 91460 and 95570.
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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 87603 and 88786).
Supports and resistances:
95570 **
91460 *
84550 **
81830
78074 last
69470
65440 **
61410 *
57380 **
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