Bitcoin Intraday: the RSI is overbought
May 13, 2024 8:53 AM
the upside prevails as long as 61650 is support.
Our pivot point is at 61650.
Our preference: the upside prevails as long as 61650 is support.
Alternative scenario: below 61650, expect 60290 and 59490.
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 61445 and 61324). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (62591).
Supports and resistances:
66860 **
66050 *
65250 **
64440
62823 last
62180
61650 **
60290 *
59490 **
Our preference: the upside prevails as long as 61650 is support.
Alternative scenario: below 61650, expect 60290 and 59490.
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 61445 and 61324). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (62591).
Supports and resistances:
66860 **
66050 *
65250 **
64440
62823 last
62180
61650 **
60290 *
59490 **
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