Bitcoin Intraday: the RSI is overbought
Jan 14, 2025 9:46 AM
the upside prevails as long as 94950 is support.
94950 is our pivot point.
Our preference:
the upside prevails as long as 94950 is support.
Alternative scenario:
the downside breakout of 94950 would call for 93260 and 92250.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 95097 and 93393). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 96229).
Supports and resistances:
101880 **
100870 *
99860 **
98840
96800 last
95610
94950 **
93260 *
92250 **
Our preference:
the upside prevails as long as 94950 is support.
Alternative scenario:
the downside breakout of 94950 would call for 93260 and 92250.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 95097 and 93393). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 96229).
Supports and resistances:
101880 **
100870 *
99860 **
98840
96800 last
95610
94950 **
93260 *
92250 **
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