Bitcoin / Dollar intraday: the RSI is oversold
Our pivot point is at 74780.
Our preference:
The downside prevails as long as 74780 is resistance.
Alternative scenario:
Above 74780, look for 75970 and 76690.
Comment:
The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (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 74847 and 75248).
