Bitcoin Intraday: the upside prevails as long as 59370 is support
Aug 29, 2024 1:03 PM
the upside prevails as long as 59370 is support.
Our pivot point stands at 59370.
Our preference:
the upside prevails as long as 59370 is support.
Alternative scenario:
below 59370, expect 58150 and 57420.
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 59672 and 59363).
Supports and resistances:
63970 **
63240 *
62510 **
61790
60329 last
59850
59370 **
58150 *
57420 **
Our preference:
the upside prevails as long as 59370 is support.
Alternative scenario:
below 59370, expect 58150 and 57420.
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 59672 and 59363).
Supports and resistances:
63970 **
63240 *
62510 **
61790
60329 last
59850
59370 **
58150 *
57420 **
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.
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