Bitcoin Intraday: the RSI is overbought
May 20, 2024 8:08 PM
the upside prevails as long as 68060 is support.
68060 is our pivot point.
Our preference: the upside prevails as long as 68060 is support.
Alternative scenario: the downside breakout of 68060 would call for 66560 and 65680.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 67698 and 67020). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (69453).
Supports and resistances:
74470 **
73580 *
72680 **
71780
69790 last
68640
68060 **
66560 *
65680 **
Our preference: the upside prevails as long as 68060 is support.
Alternative scenario: the downside breakout of 68060 would call for 66560 and 65680.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 67698 and 67020). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (69453).
Supports and resistances:
74470 **
73580 *
72680 **
71780
69790 last
68640
68060 **
66560 *
65680 **
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