Bitcoin Intraday: the RSI is overbought
Oct 14, 2024 4:05 AM
the upside prevails as long as 63450 is support.
Our pivot point stands at 63450.
Our preference:
the upside prevails as long as 63450 is support.
Alternative scenario:
the downside breakout of 63450 would call for 62480 and 61900.
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 above its 20 and 50 period moving average (respectively at 62852 and 62735). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (63906).
Supports and resistances:
67310 **
66730 *
66150 **
65580
64384 last
63830
63450 **
62480 *
61900 **
Our preference:
the upside prevails as long as 63450 is support.
Alternative scenario:
the downside breakout of 63450 would call for 62480 and 61900.
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 above its 20 and 50 period moving average (respectively at 62852 and 62735). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (63906).
Supports and resistances:
67310 **
66730 *
66150 **
65580
64384 last
63830
63450 **
62480 *
61900 **
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