Bitcoin Intraday: the RSI is oversold
Jul 3, 2024 5:32 AM
the downside prevails as long as 61540 is resistance.
61540 is our pivot point.
Our preference: the downside prevails as long as 61540 is resistance.
Alternative scenario: above 61540, look for 62410 and 62920.
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 stands below its 20 and 50 period moving average (respectively at 61660 and 62159).
Supports and resistances:
62920 **
62410 *
61540 **
61200
60791 last
59750
59240 **
58720 *
58210 **
Our preference: the downside prevails as long as 61540 is resistance.
Alternative scenario: above 61540, look for 62410 and 62920.
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 stands below its 20 and 50 period moving average (respectively at 61660 and 62159).
Supports and resistances:
62920 **
62410 *
61540 **
61200
60791 last
59750
59240 **
58720 *
58210 **
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