Bitcoin Intraday: the RSI is oversold
Jun 7, 2024 8:47 PM
the downside prevails as long as 70340 is resistance.
70340 is our pivot point.
Our preference: the downside prevails as long as 70340 is resistance.
Alternative scenario: above 70340, look for 71560 and 72280.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 70726 and 70847).
Supports and resistances:
72280 **
71560 *
70340 **
69860
69250 last
67690
66960 **
66240 *
65510 **
Our preference: the downside prevails as long as 70340 is resistance.
Alternative scenario: above 70340, look for 71560 and 72280.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 70726 and 70847).
Supports and resistances:
72280 **
71560 *
70340 **
69860
69250 last
67690
66960 **
66240 *
65510 **
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