Bitcoin Intraday: the RSI is oversold
Apr 16, 2025 12:05 AM
the downside prevails as long as 85080 is resistance.
Our pivot point stands at 85080.
Our preference:
the downside prevails as long as 85080 is resistance.
Alternative scenario:
the upside breakout of 85080, would call for 86900 and 87990.
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 stands below its 20 and 50 period moving average (respectively at 84304 and 84965).
Supports and resistances:
87990 **
86900 *
85080 **
84370
83649 last
81420
80340 **
79250 *
78170 **
Our preference:
the downside prevails as long as 85080 is resistance.
Alternative scenario:
the upside breakout of 85080, would call for 86900 and 87990.
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 stands below its 20 and 50 period moving average (respectively at 84304 and 84965).
Supports and resistances:
87990 **
86900 *
85080 **
84370
83649 last
81420
80340 **
79250 *
78170 **
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