Bitcoin Intraday: the RSI is oversold
May 5, 2025 12:05 AM
the downside prevails as long as 95940 is resistance.
95940 is our pivot point.
Our preference:
the downside prevails as long as 95940 is resistance.
Alternative scenario:
the upside breakout of 95940, would call for 97990 and 99210.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 95325 and 95578). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (94413).
Supports and resistances:
99210 **
97990 *
95940 **
95140
94294 last
91810
90590 **
89370 *
88150 **
Our preference:
the downside prevails as long as 95940 is resistance.
Alternative scenario:
the upside breakout of 95940, would call for 97990 and 99210.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 95325 and 95578). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (94413).
Supports and resistances:
99210 **
97990 *
95940 **
95140
94294 last
91810
90590 **
89370 *
88150 **
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