Bitcoin Intraday: the RSI is oversold
Bitcoin (BTC/USD)
-4141.49-4.91%
the downside prevails as long as 81290 is resistance.
81290 is our pivot point.
Our preference: the downside prevails as long as 81290 is resistance.
Alternative scenario: the upside breakout of 81290, would call for 82420 and 83090.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 82683 and 84464).
Supports and resistances:
83090 **
82420 *
81290 **
80840
79985 last
78280
77610 **
76940 *
76270 **
Our preference: the downside prevails as long as 81290 is resistance.
Alternative scenario: the upside breakout of 81290, would call for 82420 and 83090.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 82683 and 84464).
Supports and resistances:
83090 **
82420 *
81290 **
80840
79985 last
78280
77610 **
76940 *
76270 **
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