Bitcoin Intraday: the upside prevails as long as 74850 is support
Nov 6, 2024 8:50 PM
the upside prevails as long as 74850 is support.
74850 is our pivot point.
Our preference:
the upside prevails as long as 74850 is support.
Alternative scenario:
the downside breakout of 74850 would call for 73890 and 73310.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 74642 and 73242).
Supports and resistances:
78750 **
78170 *
77590 **
77020
75836 last
75230
74850 **
73890 *
73310 **
Our preference:
the upside prevails as long as 74850 is support.
Alternative scenario:
the downside breakout of 74850 would call for 73890 and 73310.
Comment:
the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 74642 and 73242).
Supports and resistances:
78750 **
78170 *
77590 **
77020
75836 last
75230
74850 **
73890 *
73310 **
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