Bitcoin Intraday: the RSI is overbought
May 21, 2024 1:32 AM
the upside prevails as long as 70070 is support.
Our pivot point is at 70070.
Our preference: the upside prevails as long as 70070 is support.
Alternative scenario: below 70070, expect 68700 and 67880.
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 69533 and 67930).
Supports and resistances:
75380 **
74560 *
73730 **
72910
71195 last
70610
70070 **
68700 *
67880 **
Our preference: the upside prevails as long as 70070 is support.
Alternative scenario: below 70070, expect 68700 and 67880.
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 69533 and 67930).
Supports and resistances:
75380 **
74560 *
73730 **
72910
71195 last
70610
70070 **
68700 *
67880 **
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