Bitcoin Intraday: the RSI is oversold
Aug 5, 2024 2:59 AM
the downside prevails as long as 55120 is resistance.
55120 is our pivot point.
Our preference: the downside prevails as long as 55120 is resistance.
Alternative scenario: the upside breakout of 55120, would call for 55920 and 56400.
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 57583 and 59296).
Supports and resistances:
56400 **
55920 *
55120 **
54810
54045 last
52840
52370 **
51900 *
51430 **
Our preference: the downside prevails as long as 55120 is resistance.
Alternative scenario: the upside breakout of 55120, would call for 55920 and 56400.
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 57583 and 59296).
Supports and resistances:
56400 **
55920 *
55120 **
54810
54045 last
52840
52370 **
51900 *
51430 **
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