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Bitcoin / Dollar intraday: the RSI is overbought
2024-02-11
855
Our pivot point stands at 46990.
Our preference: the upside prevails as long as 46990 is support.
Alternative scenario: the downside breakout of 46990 would call for 46210 and 45740.
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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 47352 and 47325). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 47785).
Supports and resistances:
50510 **
50040 *
49570 **
49100
48115 last
47300
46990 **
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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