Bitcoin Intraday: the RSI is oversold
Apr 7, 2025 6:51 AM
the downside prevails as long as 76910 is resistance.
Our pivot point stands at 76910.
Our preference:
the downside prevails as long as 76910 is resistance.
Alternative scenario:
above 76910, look for 78370 and 79240.
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 is trading under both its 20 and 50 period moving average (respectively at 77872 and 80309). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (75673).
Supports and resistances:
79240 **
78370 *
76910 **
76340
75150 last
72930
72070 **
71220 *
70360 **
Our preference:
the downside prevails as long as 76910 is resistance.
Alternative scenario:
above 76910, look for 78370 and 79240.
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 is trading under both its 20 and 50 period moving average (respectively at 77872 and 80309). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (75673).
Supports and resistances:
79240 **
78370 *
76910 **
76340
75150 last
72930
72070 **
71220 *
70360 **
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