Bitcoin / Dollar intraday: the RSI is overbought
29580 is our pivot point.
Our preference:
The upside prevails as long as 29580 is support.
Alternative scenario:
Below 29580, expect 29250 and 29050.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 29558 and 29320).
