Bitcoin/Dollar levels: The RSI is overbought
|Bitcoin/Dollar
The RSI is overbought
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Our pivot (invalidation) point stands at 6173.
Our preference
As Long as 6173 is support look for 6687.
Alternative scenario
The downside breakout of 6173 would call for 5976 and 5859.
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 trading above both its 20 and 50 MAs (respectively at 6317 and 6059).
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