Bitcoin / Dollar intraday: the RSI is oversold
59400 is our pivot point.
Our preference:
The downside prevails as long as 59400 is resistance.
Alternative scenario:
Above 59400, look for 60540 and 61210.
Comment:
The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59524 and 59632). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 58694).
