Market Analysis of Bitcoin on Wednesday 8 May 2024

2024-05-08 10:03Source:BtcDana

Bitcoin / Dollar intraday: under pressure below 64770

 

64770 is our pivot point.

 

Our preference:

Under pressure below 64770.

 

Alternative scenario:

The upside breakout of 64770, would call for 66150 and 66970.

 

Comment:

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 63750 and 63562).

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