Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 87360.
Our preference:
The upside prevails as long as 87360 is support.
Alternative scenario:
Below 87360, expect 86080 and 85320.
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 88102 and 87831). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 88596).
