Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 43160.
Our preference:
The upside prevails as long as 43160 is support.
Alternative scenario:
The downside breakout of 43160 would call for 42510 and 42130.
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 42919 and 42645). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 43669).
