Bitcoin / Dollar intraday: the RSI is oversold

Our pivot point stands at 7267.

Most likely scenario: the downside prevails as long as 7267 is resistance.

Alternative scenario: the upside breakout of 7267, would call for 7398 and 7476.

Comment: the RSI is below 30. It could either mean that the pair 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 pair is trading under both its 20 and 50 MAs (respectively at 7333 and 7348). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 7159).

Leave a Reply