Bitcoin Intraday: the RSI is overbought
Jul 19, 2024 8:23 PM
the upside prevails as long as 66230 is support.
Our pivot point stands at 66230.
Our preference: the upside prevails as long as 66230 is support.
Alternative scenario: the downside breakout of 66230 would call for 65240 and 64650.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 65522 and 64536).
Supports and resistances:
70380 **
69790 *
69200 **
68610
67308 last
66610
66230 **
65240 *
64650 **
Our preference: the upside prevails as long as 66230 is support.
Alternative scenario: the downside breakout of 66230 would call for 65240 and 64650.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 65522 and 64536).
Supports and resistances:
70380 **
69790 *
69200 **
68610
67308 last
66610
66230 **
65240 *
64650 **
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