Bitcoin Intraday: the RSI is oversold

Jul 4, 2024 3:14 AM

the downside prevails as long as 59250 is resistance.

59250 is our pivot point.
Our preference: the downside prevails as long as 59250 is resistance.
Alternative scenario: the upside breakout of 59250, would call for 60080 and 60580.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 59965 and 60360). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (58880).
Supports and resistances:
60580 **
60080 *
59250 **
58920
58586 last
56910
56420 **
55930 *
55440 **

Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.

Related Instruments