Bitcoin Short Term: the RSI is overbought
Nov 12, 2024 11:05 AM
the upside prevails as long as 77570 is support.
Our pivot point is at 77570.
Our preference:
the upside prevails as long as 77570 is support.
Alternative scenario:
the downside breakout of 77570 would call for 67730 and 61870.
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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 73026 and 67838). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (85717).
Supports and resistances:
120790 **
114620 *
108440 **
102270
86880 last
81440
77570 **
67730 *
61870 **
Our preference:
the upside prevails as long as 77570 is support.
Alternative scenario:
the downside breakout of 77570 would call for 67730 and 61870.
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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 73026 and 67838). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (85717).
Supports and resistances:
120790 **
114620 *
108440 **
102270
86880 last
81440
77570 **
67730 *
61870 **
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