Bitcoin Cash Intraday: the RSI is overbought
Bitcoin Cash (BCH/USD)
+55.90+12.73%
the upside prevails as long as 513.1 is support.
Our pivot point stands at 513.1.
Our preference: the upside prevails as long as 513.1 is support.
Alternative scenario: the downside breakout of 513.1 would call for 498.6 and 490.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 472 and 454.2).
Supports and resistances:
575.9 **
567.2 *
558.4 **
549.7
524.6 last
518.7
513.1 **
498.6 *
490.0 **
Our preference: the upside prevails as long as 513.1 is support.
Alternative scenario: the downside breakout of 513.1 would call for 498.6 and 490.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 472 and 454.2).
Supports and resistances:
575.9 **
567.2 *
558.4 **
549.7
524.6 last
518.7
513.1 **
498.6 *
490.0 **
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