Bitcoin Intraday: the RSI is overbought
May 8, 2025 4:05 AM
the upside prevails as long as 97740 is support.
Our pivot point is at 97740.
Our preference:
the upside prevails as long as 97740 is support.
Alternative scenario:
below 97740, expect 95980 and 94930.
Comment:
the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 97484 and 97067).
Supports and resistances:
104520 **
103470 *
102410 **
101360
99155 last
98440
97740 **
95980 *
94930 **
Our preference:
the upside prevails as long as 97740 is support.
Alternative scenario:
below 97740, expect 95980 and 94930.
Comment:
the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 97484 and 97067).
Supports and resistances:
104520 **
103470 *
102410 **
101360
99155 last
98440
97740 **
95980 *
94930 **
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