Bitcoin Intraday: the RSI is overbought
May 7, 2025 2:05 AM
the upside prevails as long as 95830 is support.
Our pivot point stands at 95830.
Our preference:
the upside prevails as long as 95830 is support.
Alternative scenario:
below 95830, expect 94090 and 93060.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 95692 and 94802).
Supports and resistances:
102390 **
101360 *
100330 **
99300
97187 last
96510
95830 **
94090 *
93060 **
Our preference:
the upside prevails as long as 95830 is support.
Alternative scenario:
below 95830, expect 94090 and 93060.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 95692 and 94802).
Supports and resistances:
102390 **
101360 *
100330 **
99300
97187 last
96510
95830 **
94090 *
93060 **
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