Bitcoin Intraday: the downside prevails as long as 70940 is resistance
Oct 31, 2024 8:50 PM
the downside prevails as long as 70940 is resistance.
Our pivot point is at 70940.
Our preference:
the downside prevails as long as 70940 is resistance.
Alternative scenario:
the upside breakout of 70940, would call for 71930 and 72520.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 70910 and 71764).
Supports and resistances:
72520 **
71930 *
70940 **
70550
69800 last
68630
68040 **
67460 *
66870 **
Our preference:
the downside prevails as long as 70940 is resistance.
Alternative scenario:
the upside breakout of 70940, would call for 71930 and 72520.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 70910 and 71764).
Supports and resistances:
72520 **
71930 *
70940 **
70550
69800 last
68630
68040 **
67460 *
66870 **
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