Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
+578.95+0.57%
the downside prevails as long as 102180 is resistance.
Our pivot point stands at 102180.
Our preference: the downside prevails as long as 102180 is resistance.
Alternative scenario: above 102180, look for 103770 and 104720.
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 is trading under both its 20 and 50 period moving average (respectively at 103497 and 104339).
Supports and resistances:
104720 **
103770 *
102180 **
101560
100886 last
98810
97870 **
96920 *
95980 **
Our preference: the downside prevails as long as 102180 is resistance.
Alternative scenario: above 102180, look for 103770 and 104720.
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 is trading under both its 20 and 50 period moving average (respectively at 103497 and 104339).
Supports and resistances:
104720 **
103770 *
102180 **
101560
100886 last
98810
97870 **
96920 *
95980 **
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