Bitcoin Intraday: the RSI is overbought
Dec 4, 2024 8:49 PM
the upside prevails as long as 96860 is support.
Our pivot point is at 96860.
Our preference:
the upside prevails as long as 96860 is support.
Alternative scenario:
below 96860, expect 95160 and 94140.
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 trading above both its 20 and 50 period moving average (respectively at 96199 and 96205). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (98239).
Supports and resistances:
104340 **
103310 *
102280 **
101250
99120 last
97530
96860 **
95160 *
94140 **
Our preference:
the upside prevails as long as 96860 is support.
Alternative scenario:
below 96860, expect 95160 and 94140.
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 trading above both its 20 and 50 period moving average (respectively at 96199 and 96205). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (98239).
Supports and resistances:
104340 **
103310 *
102280 **
101250
99120 last
97530
96860 **
95160 *
94140 **
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