Bitcoin Intraday: the RSI is oversold
Jun 24, 2024 12:44 AM
the downside prevails as long as 63990 is resistance.
Our pivot point stands at 63990.
Our preference: the downside prevails as long as 63990 is resistance.
Alternative scenario: the upside breakout of 63990, would call for 64980 and 65570.
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 63849 and 64149). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 63265).
Supports and resistances:
65570 **
64980 *
63990 **
63610
63221 last
61980
61390 **
60810 *
60220 **
Our preference: the downside prevails as long as 63990 is resistance.
Alternative scenario: the upside breakout of 63990, would call for 64980 and 65570.
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 63849 and 64149). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 63265).
Supports and resistances:
65570 **
64980 *
63990 **
63610
63221 last
61980
61390 **
60810 *
60220 **
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