Bitcoin/Dollar Levels: As long as 6429 is support look for 7107
|Bitcoin/Dollar
As long as 6429 is support look for 7107
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Our pivot (invalidation) point stands at 6429.
Our preference
As Long as 6429 is support look for 7107.
Alternative scenario
The downside breakout of 6429 would call for 6177 and 6027.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is above its 20 and 50 MAs (respectively at 6623 and 6499).
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