Bitcoin Intraday: the RSI is oversold
Mar 3, 2025 8:50 PM
the downside prevails as long as 87120 is resistance.
Our pivot point stands at 87120.
Our preference:
the downside prevails as long as 87120 is resistance.
Alternative scenario:
the upside breakout of 87120, would call for 88340 and 89060.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90021 and 91809).
Supports and resistances:
89060 **
88340 *
87120 **
86640
85541 last
83730
83010 **
82300 *
81580 **
Our preference:
the downside prevails as long as 87120 is resistance.
Alternative scenario:
the upside breakout of 87120, would call for 88340 and 89060.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90021 and 91809).
Supports and resistances:
89060 **
88340 *
87120 **
86640
85541 last
83730
83010 **
82300 *
81580 **
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