Bitcoin / Dollar intraday: the RSI is overbought
111240 is our pivot point.
Our preference:
The upside prevails as long as 111240 is support.
Alternative scenario:
The downside breakout of 111240 would call for 110120 and 109450.
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 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 110741 and 109992).
