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Bitcoin / Dollar intraday: the RSI is overbought
2024-02-27
616
54950 is our pivot point.
Our preference: the upside prevails as long as 54950 is support.
Alternative scenario: the downside breakout of 54950 would call for 54060 and 53530.
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 above its 20 and 50 period moving average (respectively at 54399 and 52663). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 55765).
Supports and resistances:
58470 **
57930 *
57400 **
56870
55771 last
55300
54950 **
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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