Sun, Jan 17, 2021 @ 18:14 GMT
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Bitcoin/Dollar The RSI Is Overbought

Our pivot (invalidation) point stands at 7298.

Our preference As Long as 7298 is support look for 7895.

Alternative scenario The downside breakout of 7298 would call for 7072 and 6937.

Comment The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 7357 and 6982). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 7457).

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