Bitcoin Intraday: the RSI is oversold
Jul 8, 2024 2:44 AM
the downside prevails as long as 55770 is resistance.
Our pivot point is at 55770.
Our preference: the downside prevails as long as 55770 is resistance.
Alternative scenario: above 55770, look for 56550 and 57020.
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 is trading under both its 20 and 50 period moving average (respectively at 56403 and 57058).
Supports and resistances:
57020 **
56550 *
55770 **
55460
54953 last
53990
53530 **
53060 *
52600 **
Our preference: the downside prevails as long as 55770 is resistance.
Alternative scenario: above 55770, look for 56550 and 57020.
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 is trading under both its 20 and 50 period moving average (respectively at 56403 and 57058).
Supports and resistances:
57020 **
56550 *
55770 **
55460
54953 last
53990
53530 **
53060 *
52600 **
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