Bitcoin Short Term: the RSI is overbought
Nov 19, 2024 11:05 AM
the upside prevails as long as 82140 is support.
Our pivot point is at 82140.
Our preference:
the upside prevails as long as 82140 is support.
Alternative scenario:
below 82140, expect 71600 and 65320.
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 above its 20 and 50 period moving average (respectively at 80432 and 71429).
Supports and resistances:
123960 **
117570 *
111180 **
104800
91795 last
86280
82140 **
71600 *
65320 **
Our preference:
the upside prevails as long as 82140 is support.
Alternative scenario:
below 82140, expect 71600 and 65320.
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 above its 20 and 50 period moving average (respectively at 80432 and 71429).
Supports and resistances:
123960 **
117570 *
111180 **
104800
91795 last
86280
82140 **
71600 *
65320 **
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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