Bitcoin Intraday: the RSI is overbought
May 16, 2024 12:21 AM
as long as 65110 is support look for 68900.
Our pivot point stands at 65110.
Our preference: as long as 65110 is support look for 68900.
Alternative scenario: the downside breakout of 65110 would call for 63690 and 62840.
Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 65608 and 63626).
Supports and resistances:
70600 **
69750 *
68900 **
68050
66343 last
65670
65110 **
63690 *
62840 **
Our preference: as long as 65110 is support look for 68900.
Alternative scenario: the downside breakout of 65110 would call for 63690 and 62840.
Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 65608 and 63626).
Supports and resistances:
70600 **
69750 *
68900 **
68050
66343 last
65670
65110 **
63690 *
62840 **
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