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Bitcoin/Dollar levels: As long as 6595 is support look for 7017

Bitcoin/Dollar levels: As long as 6595 is support look for 7017
Swissquote Bank Research TeamSwissquote Bank Research TeamSwissquote Bank Ltd

Bitcoin/Dollar

As long as 6595 is support look for 7017.

Bitcoin

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6595 is our pivot (invalidation) point.

Our preference
As Long as 6595 is support look for 7017.

Alternative scenario
The downside breakout of 6595 would call for 6436 and 6341.

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 below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 6687 and 6563).

Author

Swissquote Bank Research Team

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