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Bitcoin Intraday: the RSI is oversold
Jun 11, 2024 9:11 AM
the downside prevails as long as 68420 is resistance.
Our pivot point stands at 68420.
Our preference: the downside prevails as long as 68420 is resistance.
Alternative scenario: above 68420, look for 69560 and 70230.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 68319 and 69076).
Supports and resistances:
70230 **
69560 *
68420 **
67970
67528 last
66050
65370 **
64700 *
64030 **
Our preference: the downside prevails as long as 68420 is resistance.
Alternative scenario: above 68420, look for 69560 and 70230.
Comment: the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 68319 and 69076).
Supports and resistances:
70230 **
69560 *
68420 **
67970
67528 last
66050
65370 **
64700 *
64030 **
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