Bitcoin Intraday: the RSI is overbought
Dec 5, 2024 3:06 AM
the upside prevails as long as 99870 is support.
Our pivot point is at 99870.
Our preference:
the upside prevails as long as 99870 is support.
Alternative scenario:
the downside breakout of 99870 would call for 98100 and 97060.
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 trading above both its 20 and 50 period moving average (respectively at 98338 and 97023). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (101443).
Supports and resistances:
107550 **
106490 *
105430 **
104370
101942 last
100560
99870 **
98100 *
97060 **
Our preference:
the upside prevails as long as 99870 is support.
Alternative scenario:
the downside breakout of 99870 would call for 98100 and 97060.
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 trading above both its 20 and 50 period moving average (respectively at 98338 and 97023). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (101443).
Supports and resistances:
107550 **
106490 *
105430 **
104370
101942 last
100560
99870 **
98100 *
97060 **
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