Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point is at 27850.
Our preference:
The upside prevails as long as 27850 is support.
Alternative scenario:
The downside breakout of 27850 would call for 27310 and 26980.
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 27796 and 27548).
