Bitcoin Intraday: the RSI is overbought
Dec 16, 2024 1:05 AM
the upside prevails as long as 103850 is support.
103850 is our pivot point.
Our preference:
the upside prevails as long as 103850 is support.
Alternative scenario:
below 103850, expect 102000 and 100900.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 103538 and 102729). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (105297).
Supports and resistances:
110950 **
109850 *
108740 **
107640
105304 last
104580
103850 **
102000 *
100900 **
Our preference:
the upside prevails as long as 103850 is support.
Alternative scenario:
below 103850, expect 102000 and 100900.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 103538 and 102729). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (105297).
Supports and resistances:
110950 **
109850 *
108740 **
107640
105304 last
104580
103850 **
102000 *
100900 **
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