Bitcoin Intraday: the RSI is overbought
Feb 21, 2025 2:02 PM
the upside prevails as long as 98320 is support.
98320 is our pivot point.
Our preference:
the upside prevails as long as 98320 is support.
Alternative scenario:
below 98320, expect 96950 and 96140.
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 98594 and 98268). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 99363).
Supports and resistances:
103480 **
102660 *
101850 **
101030
99400 last
98860
98320 **
96950 *
96140 **
Our preference:
the upside prevails as long as 98320 is support.
Alternative scenario:
below 98320, expect 96950 and 96140.
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 98594 and 98268). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 99363).
Supports and resistances:
103480 **
102660 *
101850 **
101030
99400 last
98860
98320 **
96950 *
96140 **
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