Bitcoin / Dollar intraday: the RSI is oversold
Our pivot point is at 104220.
Our preference:
The downside prevails as long as 104220 is resistance.
Alternative scenario:
The upside breakout of 104220, would call for 105630 and 106470.
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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 103976 and 105025).
