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Bitcoin / Dollar intraday: the RSI is overbought
2024-04-08
703
Our pivot point stands at 69980.
Our preference: the upside prevails as long as 69980 is support.
Alternative scenario: the downside breakout of 69980 would call for 68420 and 67500.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 69735 and 69570). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 70981).
Supports and resistances:
75900 **
74970 *
74040 **
73120
71200 last
70590
69980 **
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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