Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 117610.
Our preference:
The upside prevails as long as 117610 is support.
Alternative scenario:
The downside breakout of 117610 would call for 116350 and 115600.
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 trading above both its 20 and 50 period moving average (respectively at 117665 and 116228). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (118652).
