Bitcoin Intraday: the RSI is overbought
Nov 20, 2024 2:02 PM
the upside prevails as long as 93200 is support.
Our pivot point stands at 93200.
Our preference:
the upside prevails as long as 93200 is support.
Alternative scenario:
the downside breakout of 93200 would call for 91610 and 90670.
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 above its 20 and 50 period moving average (respectively at 93274 and 92757).
Supports and resistances:
99180 **
98230 *
97290 **
96340
94450 last
93830
93200 **
91610 *
90670 **
Our preference:
the upside prevails as long as 93200 is support.
Alternative scenario:
the downside breakout of 93200 would call for 91610 and 90670.
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 above its 20 and 50 period moving average (respectively at 93274 and 92757).
Supports and resistances:
99180 **
98230 *
97290 **
96340
94450 last
93830
93200 **
91610 *
90670 **
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