Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 50510.
Our preference: the upside prevails as long as 50510 is support.
Alternative scenario: the downside breakout of 50510 would call for 49690 and 49200.
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 49798 and 49564). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (50925).
Supports and resistances:
53700 **
53210 *
52720 **
52230
51156 last
50830
50510 **
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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