Swissquote Bank Research Team
Swissquote Bank Ltd
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).
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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