Bitcoin Intraday: the RSI is oversold
Mar 7, 2025 1:05 AM
the downside prevails as long as 87160 is resistance.
Our pivot point stands at 87160.
Our preference:
the downside prevails as long as 87160 is resistance.
Alternative scenario:
above 87160, look for 88730 and 89670.
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 88865 and 90239). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 85973).
Supports and resistances:
89670 **
88730 *
87160 **
86550
85673 last
83400
82470 **
81540 *
80610 **
Our preference:
the downside prevails as long as 87160 is resistance.
Alternative scenario:
above 87160, look for 88730 and 89670.
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 88865 and 90239). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 85973).
Supports and resistances:
89670 **
88730 *
87160 **
86550
85673 last
83400
82470 **
81540 *
80610 **
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