Bitcoin Intraday: the RSI is overbought
Jun 3, 2024 9:26 AM
the upside prevails as long as 68210 is support.
Our pivot point stands at 68210.
Our preference: the upside prevails as long as 68210 is support.
Alternative scenario: the downside breakout of 68210 would call for 66910 and 66140.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 68467 and 68083).
Supports and resistances:
73110 **
72340 *
71570 **
70790
69237 last
68720
68210 **
66910 *
66140 **
Our preference: the upside prevails as long as 68210 is support.
Alternative scenario: the downside breakout of 68210 would call for 66910 and 66140.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 68467 and 68083).
Supports and resistances:
73110 **
72340 *
71570 **
70790
69237 last
68720
68210 **
66910 *
66140 **
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