Bitcoin Intraday: the RSI is overbought
May 15, 2024 1:56 PM
the upside prevails as long as 63060 is support.
Our pivot point stands at 63060.
Our preference: the upside prevails as long as 63060 is support.
Alternative scenario: the downside breakout of 63060 would call for 61680 and 60860.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 62489 and 61968). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (64033).
Supports and resistances:
68750 **
67930 *
67100 **
66270
64295 last
63610
63060 **
61680 *
60860 **
Our preference: the upside prevails as long as 63060 is support.
Alternative scenario: the downside breakout of 63060 would call for 61680 and 60860.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 62489 and 61968). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (64033).
Supports and resistances:
68750 **
67930 *
67100 **
66270
64295 last
63610
63060 **
61680 *
60860 **
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