Bitcoin Intraday: the RSI is overbought
Jul 6, 2024 9:11 PM
the upside prevails as long as 57180 is support.
57180 is our pivot point.
Our preference: the upside prevails as long as 57180 is support.
Alternative scenario: the downside breakout of 57180 would call for 56360 and 55870.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 57272 and 56799).
Supports and resistances:
60380 **
59880 *
59390 **
58900
57916 last
57500
57180 **
56360 *
55870 **
Our preference: the upside prevails as long as 57180 is support.
Alternative scenario: the downside breakout of 57180 would call for 56360 and 55870.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 57272 and 56799).
Supports and resistances:
60380 **
59880 *
59390 **
58900
57916 last
57500
57180 **
56360 *
55870 **
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