Bitcoin Intraday: the RSI is oversold
Jan 27, 2025 5:05 AM
the downside prevails as long as 101630 is resistance.
Our pivot point stands at 101630.
Our preference:
the downside prevails as long as 101630 is resistance.
Alternative scenario:
the upside breakout of 101630, would call for 103210 and 104150.
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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 102673 and 104021).
Supports and resistances:
104150 **
103210 *
101630 **
101010
100369 last
98440
97500 **
96560 *
95620 **
Our preference:
the downside prevails as long as 101630 is resistance.
Alternative scenario:
the upside breakout of 101630, would call for 103210 and 104150.
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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 102673 and 104021).
Supports and resistances:
104150 **
103210 *
101630 **
101010
100369 last
98440
97500 **
96560 *
95620 **
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