Bitcoin / Dollar intraday: the RSI is oversold
27930 is our pivot point.
Our preference:
The downside prevails as long as 27930 is resistance.
Alternative scenario:
The upside breakout of 27930, would call for 28460 and 28770.
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 27810 and 28171). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 27429).
