Bitcoin / Dollar intraday: below its lower Bollinger band
Our pivot point is at 111570.
Our preference:
The downside prevails as long as 111570 is resistance.
Alternative scenario:
Above 111570, look for 112900 and 113690.
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 111323 and 112309). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (110095).
