Bitcoin Intraday: the RSI is oversold
Sep 16, 2024 12:05 AM
the downside prevails as long as 60090 is resistance.
60090 is our pivot point.
Our preference:
the downside prevails as long as 60090 is resistance.
Alternative scenario:
above 60090, look for 61310 and 62040.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59770 and 59976).
Supports and resistances:
62040 **
61310 *
60090 **
59610
59088 last
57620
56900 **
56170 *
55450 **
Our preference:
the downside prevails as long as 60090 is resistance.
Alternative scenario:
above 60090, look for 61310 and 62040.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59770 and 59976).
Supports and resistances:
62040 **
61310 *
60090 **
59610
59088 last
57620
56900 **
56170 *
55450 **
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