Bitcoin Intraday: the RSI is overbought
Nov 11, 2024 8:50 PM
the upside prevails as long as 85900 is support.
Our pivot point stands at 85900.
Our preference:
the upside prevails as long as 85900 is support.
Alternative scenario:
the downside breakout of 85900 would call for 84790 and 84130.
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 trading above both its 20 and 50 period moving average (respectively at 84019 and 82174).
Supports and resistances:
90610 **
89950 *
89280 **
88620
87200 last
86340
85900 **
84790 *
84130 **
Our preference:
the upside prevails as long as 85900 is support.
Alternative scenario:
the downside breakout of 85900 would call for 84790 and 84130.
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 trading above both its 20 and 50 period moving average (respectively at 84019 and 82174).
Supports and resistances:
90610 **
89950 *
89280 **
88620
87200 last
86340
85900 **
84790 *
84130 **
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