Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point is at 3744.

Most likely scenario: the upside prevails as long as 3744 is support.

Alternative scenario: the downside breakout of 3744 would call for 3582 and 3486.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 3793 and 3733). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (3930).

Leave a Reply