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Bitcoin / Dollar ST: the RSI is overbought

2023-10-24
679

Our pivot point is at 30570.

Our preference: the upside prevails as long as 30570 is support.

Alternative scenario: the downside breakout of 30570 would call for 27370 and 25460.

Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 28527 and 27341). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 32221).

Supports and resistances:

42630 **

40720 *

38820 **

36910

33100 last

31820

30570 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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