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Bitcoin/Dollar The RSI Is Oversold

Our pivot (invalidation) point is at 6003.

Our preference The downside prevails as Long as 6003 is resistance.

Alternative scenario Above 6003, look for 6167 and 6265.

Comment The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 5961 and 6047).

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