Bitcoin Intraday: the RSI is oversold
Aug 1, 2024 5:45 AM
the downside prevails as long as 64640 is resistance.
64640 is our pivot point.
Our preference: the downside prevails as long as 64640 is resistance.
Alternative scenario: above 64640, look for 65580 and 66140.
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 64515 and 65551).
Supports and resistances:
66140 **
65580 *
64640 **
64270
63679 last
62520
61970 **
61410 *
60850 **
Our preference: the downside prevails as long as 64640 is resistance.
Alternative scenario: above 64640, look for 65580 and 66140.
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 64515 and 65551).
Supports and resistances:
66140 **
65580 *
64640 **
64270
63679 last
62520
61970 **
61410 *
60850 **
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