Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 71030.
Our preference:
The upside prevails as long as 71030 is support.
Alternative scenario:
The downside breakout of 71030 would call for 69920 and 69250.
Comment:
The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 69272 and 68895).
