Bitcoin Intraday: the RSI is overbought
Sep 26, 2024 1:02 PM
the upside prevails as long as 63500 is support.
Our pivot point stands at 63500.
Our preference:
the upside prevails as long as 63500 is support.
Alternative scenario:
below 63500, expect 62220 and 61470.
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 above its 20 and 50 period moving average (respectively at 63918 and 63583).
Supports and resistances:
68290 **
67530 *
66780 **
66020
64500 last
64000
63500 **
62220 *
61470 **
Our preference:
the upside prevails as long as 63500 is support.
Alternative scenario:
below 63500, expect 62220 and 61470.
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 above its 20 and 50 period moving average (respectively at 63918 and 63583).
Supports and resistances:
68290 **
67530 *
66780 **
66020
64500 last
64000
63500 **
62220 *
61470 **
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