Bitcoin Intraday: the upside prevails as long as 61940 is support
Sep 19, 2024 1:02 PM
the upside prevails as long as 61940 is support.
61940 is our pivot point.
Our preference:
the upside prevails as long as 61940 is support.
Alternative scenario:
the downside breakout of 61940 would call for 60700 and 59960.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 62283 and 61278).
Supports and resistances:
66610 **
65870 *
65140 **
64400
62919 last
62430
61940 **
60700 *
59960 **
Our preference:
the upside prevails as long as 61940 is support.
Alternative scenario:
the downside breakout of 61940 would call for 60700 and 59960.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 62283 and 61278).
Supports and resistances:
66610 **
65870 *
65140 **
64400
62919 last
62430
61940 **
60700 *
59960 **
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