Bitcoin Intraday: the RSI is oversold
May 5, 2025 2:05 AM
the downside prevails as long as 95500 is resistance.
Our pivot point stands at 95500.
Our preference:
the downside prevails as long as 95500 is resistance.
Alternative scenario:
the upside breakout of 95500, would call for 97540 and 98760.
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 stands below its 20 and 50 period moving average (respectively at 95071 and 95447). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 93803).
Supports and resistances:
98760 **
97540 *
95500 **
94700
93799 last
91330
90120 **
88910 *
87690 **
Our preference:
the downside prevails as long as 95500 is resistance.
Alternative scenario:
the upside breakout of 95500, would call for 97540 and 98760.
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 stands below its 20 and 50 period moving average (respectively at 95071 and 95447). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 93803).
Supports and resistances:
98760 **
97540 *
95500 **
94700
93799 last
91330
90120 **
88910 *
87690 **
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