Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 37230.
Our preference:
The upside prevails as long as 37230 is support.
Alternative scenario:
The downside breakout of 37230 would call for 36090 and 35420.
Comment:
The RSI is trading above 70. This could mean that either the price 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 price is trading above both its 20 and 50 period moving average (respectively at 36063 and 36074). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 37922).
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