Bitcoin / Dollar intraday: the RSI is oversold
Our pivot point stands at 21010.
Our preference:
The downside prevails as long as 21010 is resistance.
Alternative scenario:
The upside breakout of 21010, would call for 21370 and 21580.
Comment:
The RSI is below 30. It could either mean that the price 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 is trading under both its 20 and 50 period moving average (respectively at 21391 and 21616). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (20595).
