Bitcoin Intraday: the RSI is overbought
Dec 5, 2024 5:05 AM
the upside prevails as long as 101860 is support.
Our pivot point stands at 101860.
Our preference:
the upside prevails as long as 101860 is support.
Alternative scenario:
below 101860, expect 100060 and 98990.
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 99783 and 97621).
Supports and resistances:
108700 **
107630 *
106560 **
105490
103270 last
102560
101860 **
100060 *
98990 **
Our preference:
the upside prevails as long as 101860 is support.
Alternative scenario:
below 101860, expect 100060 and 98990.
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 99783 and 97621).
Supports and resistances:
108700 **
107630 *
106560 **
105490
103270 last
102560
101860 **
100060 *
98990 **
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