Bitcoin Intraday: the RSI is overbought
Aug 20, 2024 6:47 AM
the upside prevails as long as 60100 is support.
Our pivot point stands at 60100.
Our preference: the upside prevails as long as 60100 is support.
Alternative scenario: below 60100, expect 58910 and 58200.
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 above its 20 and 50 period moving average (respectively at 60274 and 59275).
Supports and resistances:
64640 **
63930 *
63230 **
62520
61032 last
60570
60100 **
58910 *
58200 **
Our preference: the upside prevails as long as 60100 is support.
Alternative scenario: below 60100, expect 58910 and 58200.
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 above its 20 and 50 period moving average (respectively at 60274 and 59275).
Supports and resistances:
64640 **
63930 *
63230 **
62520
61032 last
60570
60100 **
58910 *
58200 **
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