Bitcoin Intraday: the RSI is oversold
Jan 31, 2025 8:53 PM
the downside prevails as long as 103440 is resistance.
103440 is our pivot point.
Our preference:
the downside prevails as long as 103440 is resistance.
Alternative scenario:
above 103440, look for 104980 and 105900.
Comment:
the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 104139 and 104395).
Supports and resistances:
105900 **
104980 *
103440 **
102830
101916 last
99950
99030 **
98120 *
97200 **
Our preference:
the downside prevails as long as 103440 is resistance.
Alternative scenario:
above 103440, look for 104980 and 105900.
Comment:
the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 104139 and 104395).
Supports and resistances:
105900 **
104980 *
103440 **
102830
101916 last
99950
99030 **
98120 *
97200 **
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