Bitcoin Intraday: the RSI is overbought
Dec 31, 2024 2:02 PM
the upside prevails as long as 94030 is support.
Our pivot point stands at 94030.
Our preference:
the upside prevails as long as 94030 is support.
Alternative scenario:
the downside breakout of 94030 would call for 92240 and 91180.
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 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 93725 and 93132).
Supports and resistances:
100760 **
99700 *
98630 **
97570
95436 last
94730
94030 **
92240 *
91180 **
Our preference:
the upside prevails as long as 94030 is support.
Alternative scenario:
the downside breakout of 94030 would call for 92240 and 91180.
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 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 93725 and 93132).
Supports and resistances:
100760 **
99700 *
98630 **
97570
95436 last
94730
94030 **
92240 *
91180 **
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