Bitcoin Intraday: the RSI is overbought
Mar 2, 2025 8:50 PM
the upside prevails as long as 92600 is support.
Our pivot point is at 92600.
Our preference:
the upside prevails as long as 92600 is support.
Alternative scenario:
the downside breakout of 92600 would call for 91280 and 90490.
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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 89380 and 87286).
Supports and resistances:
98180 **
97380 *
96590 **
95800
94165 last
93120
92600 **
91280 *
90490 **
Our preference:
the upside prevails as long as 92600 is support.
Alternative scenario:
the downside breakout of 92600 would call for 91280 and 90490.
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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 89380 and 87286).
Supports and resistances:
98180 **
97380 *
96590 **
95800
94165 last
93120
92600 **
91280 *
90490 **
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