Bitcoin Intraday: the RSI is overbought

Aug 23, 2024 7:50 PM

the upside prevails as long as 62560 is support.

Our pivot point is at 62560.
Our preference:
the upside prevails as long as 62560 is support.
Alternative scenario:
the downside breakout of 62560 would call for 61290 and 60530.
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 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 61784 and 61162).
Supports and resistances:
67600 **
66830 *
66070 **
65310
63764 last
63060
62560 **
61290 *
60530 **

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