Bitcoin Intraday: the RSI is overbought
Nov 6, 2024 5:05 AM
the upside prevails as long as 72990 is support.
72990 is our pivot point.
Our preference:
the upside prevails as long as 72990 is support.
Alternative scenario:
below 72990, expect 72050 and 71490.
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 71245 and 69985).
Supports and resistances:
77170 **
76600 *
76040 **
75470
73969 last
73360
72990 **
72050 *
71490 **
Our preference:
the upside prevails as long as 72990 is support.
Alternative scenario:
below 72990, expect 72050 and 71490.
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 71245 and 69985).
Supports and resistances:
77170 **
76600 *
76040 **
75470
73969 last
73360
72990 **
72050 *
71490 **
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