Bitcoin Intraday: the RSI is overbought
Jul 29, 2024 6:06 AM
the upside prevails as long as 68730 is support.
Our pivot point is at 68730.
Our preference: the upside prevails as long as 68730 is support.
Alternative scenario: below 68730, expect 67710 and 67100.
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 68742 and 68132).
Supports and resistances:
72810 **
72190 *
71580 **
70970
69682 last
69130
68730 **
67710 *
67100 **
Our preference: the upside prevails as long as 68730 is support.
Alternative scenario: below 68730, expect 67710 and 67100.
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 68742 and 68132).
Supports and resistances:
72810 **
72190 *
71580 **
70970
69682 last
69130
68730 **
67710 *
67100 **
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