Bitcoin Intraday: the RSI is overbought
Jan 15, 2025 2:02 PM
the upside prevails as long as 97700 is support.
Our pivot point is at 97700.
Our preference:
the upside prevails as long as 97700 is support.
Alternative scenario:
below 97700, expect 96180 and 95280.
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 above its 20 and 50 period moving average (respectively at 97180 and 96852). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (98539).
Supports and resistances:
103720 **
102810 *
101900 **
100990
99155 last
98300
97700 **
96180 *
95280 **
Our preference:
the upside prevails as long as 97700 is support.
Alternative scenario:
below 97700, expect 96180 and 95280.
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 above its 20 and 50 period moving average (respectively at 97180 and 96852). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (98539).
Supports and resistances:
103720 **
102810 *
101900 **
100990
99155 last
98300
97700 **
96180 *
95280 **
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