Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 23250.
Our preference:
The upside prevails as long as 23250 is support.
Alternative scenario:
The downside breakout of 23250 would call for 22880 and 22650.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23298 and 23201). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (23600).
