Bitcoin Intraday: the RSI is oversold
Dec 26, 2024 9:41 AM
the downside prevails as long as 97120 is resistance.
Our pivot point stands at 97120.
Our preference:
the downside prevails as long as 97120 is resistance.
Alternative scenario:
above 97120, look for 98900 and 99950.
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 97972 and 98316).
Supports and resistances:
99950 **
98900 *
97120 **
96420
95697 last
93280
92220 **
91170 *
90120 **
Our preference:
the downside prevails as long as 97120 is resistance.
Alternative scenario:
above 97120, look for 98900 and 99950.
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 97972 and 98316).
Supports and resistances:
99950 **
98900 *
97120 **
96420
95697 last
93280
92220 **
91170 *
90120 **
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