Bitcoin Intraday: the RSI is oversold
Aug 28, 2024 12:05 AM
the downside prevails as long as 60400 is resistance.
Our pivot point is at 60400.
Our preference:
the downside prevails as long as 60400 is resistance.
Alternative scenario:
above 60400, look for 61610 and 62330.
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 61181 and 62125).
Supports and resistances:
62330 **
61610 *
60400 **
59930
59385 last
57910
57200 **
56480 *
55760 **
Our preference:
the downside prevails as long as 60400 is resistance.
Alternative scenario:
above 60400, look for 61610 and 62330.
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 61181 and 62125).
Supports and resistances:
62330 **
61610 *
60400 **
59930
59385 last
57910
57200 **
56480 *
55760 **
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