Bitcoin Intraday: the RSI is overbought

Aug 21, 2024 7:50 PM

the upside prevails as long as 60070 is support.

Our pivot point stands at 60070.
Our preference: the upside prevails as long as 60070 is support.
Alternative scenario: below 60070, expect 58850 and 58120.
Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 59854 and 59554). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (61061).
Supports and resistances:
65060 **
64330 *
63600 **
62860
61374 last
60550
60070 **
58850 *
58120 **

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