Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point is at 31190.
Our preference:
The upside prevails as long as 31190 is support.
Alternative scenario:
The downside breakout of 31190 would call for 30760 and 30510.
Comment:
The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 30851 and 30558). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (31589).
