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Bitcoin / Dollar ST: the RSI is overbought
2024-02-20
883
Our pivot point stands at 47030.
Our preference: the upside prevails as long as 47030 is support.
Alternative scenario: the downside breakout of 47030 would call for 41350 and 37970.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 47666 and 44789).
Supports and resistances:
68820 **
65410 *
62010 **
58610
51605 last
49270
47030 **
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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