*Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
Bitcoin / Dollar intraday: the RSI is oversold
Bitcoin / Dollar may fall 1747 - 2587 pips
Our pivot point is at 48710.
Our preference
The downside prevails as long as 48710 is resistance.
Alternative scenario
Above 48710, look for 50120 and 50960.
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 price stands below its 20 and 50 period moving average (respectively at 48508 and 49402).
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