Bitcoin Intraday: the RSI is oversold
Jan 7, 2025 8:50 PM
the downside prevails as long as 97830 is resistance.
Our pivot point stands at 97830.
Our preference:
the downside prevails as long as 97830 is resistance.
Alternative scenario:
the upside breakout of 97830, would call for 99530 and 100530.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 98600 and 100560).
Supports and resistances:
100530 **
99530 *
97830 **
97170
96381 last
94090
93090 **
92080 *
91080 **
Our preference:
the downside prevails as long as 97830 is resistance.
Alternative scenario:
the upside breakout of 97830, would call for 99530 and 100530.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 98600 and 100560).
Supports and resistances:
100530 **
99530 *
97830 **
97170
96381 last
94090
93090 **
92080 *
91080 **
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