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Bitcoin Intraday: the RSI is overbought
May 7, 2025 12:05 AM
the upside prevails as long as 95390 is support.
95390 is our pivot point.
Our preference:
the upside prevails as long as 95390 is support.
Alternative scenario:
below 95390, expect 93670 and 92640.
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 95089 and 94582).
Supports and resistances:
102030 **
101000 *
99970 **
98940
96778 last
96070
95390 **
93670 *
92640 **
Our preference:
the upside prevails as long as 95390 is support.
Alternative scenario:
below 95390, expect 93670 and 92640.
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 95089 and 94582).
Supports and resistances:
102030 **
101000 *
99970 **
98940
96778 last
96070
95390 **
93670 *
92640 **
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