Bitcoin Intraday: the RSI is overbought
Jan 2, 2025 9:43 AM
the upside prevails as long as 94790 is support.
Our pivot point stands at 94790.
Our preference:
the upside prevails as long as 94790 is support.
Alternative scenario:
the downside breakout of 94790 would call for 92990 and 91920.
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 95325 and 94492).
Supports and resistances:
101720 **
100650 *
99570 **
98500
96318 last
95500
94790 **
92990 *
91920 **
Our preference:
the upside prevails as long as 94790 is support.
Alternative scenario:
the downside breakout of 94790 would call for 92990 and 91920.
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 95325 and 94492).
Supports and resistances:
101720 **
100650 *
99570 **
98500
96318 last
95500
94790 **
92990 *
91920 **
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.
Related Instruments
Bitcoin
114657.190
-1114.960
-0.96%
