Ether / Dollar intraday: the RSI is oversold
Our pivot point stands at 3731.
Our preference:
The downside prevails as long as 3731 is resistance.
Alternative scenario:
The upside breakout of 3731, would call for 3845 and 3913.
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 3768 and 3795). Finally, the Ether / Dollar has penetrated its lower Bollinger band (3641).
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