Bitcoin Intraday: the RSI is overbought
Aug 20, 2024 2:05 AM
the upside prevails as long as 59510 is support.
Our pivot point stands at 59510.
Our preference: the upside prevails as long as 59510 is support.
Alternative scenario: below 59510, expect 58330 and 57630.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 59421 and 58865).
Supports and resistances:
64040 **
63340 *
62640 **
61940
60431 last
59970
59510 **
58330 *
57630 **
Our preference: the upside prevails as long as 59510 is support.
Alternative scenario: below 59510, expect 58330 and 57630.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 59421 and 58865).
Supports and resistances:
64040 **
63340 *
62640 **
61940
60431 last
59970
59510 **
58330 *
57630 **
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