Bitcoin Intraday: the RSI is overbought
Sep 19, 2024 12:05 AM
the upside prevails as long as 60820 is support.
Our pivot point is at 60820.
Our preference:
the upside prevails as long as 60820 is support.
Alternative scenario:
below 60820, expect 59600 and 58880.
Comment:
the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (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 60328 and 60214). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 61725).
Supports and resistances:
65770 **
65040 *
64310 **
63580
62004 last
61300
60820 **
59600 *
58880 **
Our preference:
the upside prevails as long as 60820 is support.
Alternative scenario:
below 60820, expect 59600 and 58880.
Comment:
the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (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 60328 and 60214). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 61725).
Supports and resistances:
65770 **
65040 *
64310 **
63580
62004 last
61300
60820 **
59600 *
58880 **
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