Bitcoin / Dollar intraday: the RSI is oversold |
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Our pivot point stands at 116670. |
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Our preference: |
The downside prevails as long as 116670 is resistance. |
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Alternative scenario: |
The upside breakout of 116670, would call for 117830 and 118520. |
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Comment: |
The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 117130 and 117887). |
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