Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 36950.
Our preference:
The upside prevails as long as 36950 is support.
Alternative scenario:
The downside breakout of 36950 would call for 36420 and 36100.
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 36746 and 36562). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 37502).
