Bitcoin Intraday: the RSI is oversold
Aug 19, 2024 12:04 AM
the downside prevails as long as 59400 is resistance.
59400 is our pivot point.
Our preference: the downside prevails as long as 59400 is resistance.
Alternative scenario: above 59400, look for 60540 and 61210.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59524 and 59632). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 58694).
Supports and resistances:
61210 **
60540 *
59400 **
58950
58500 last
57070
56390 **
55720 *
55040 **
Our preference: the downside prevails as long as 59400 is resistance.
Alternative scenario: above 59400, look for 60540 and 61210.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59524 and 59632). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 58694).
Supports and resistances:
61210 **
60540 *
59400 **
58950
58500 last
57070
56390 **
55720 *
55040 **
Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.
Related Instruments
Bitcoin
69097.17
-1708
-241.20%
