Bitcoin / Dollar intraday: the RSI is overbought
8487 is our pivot point.
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 above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 8576 and 8563). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (8658).
Alternative scenario:
below 8487, expect 8370 and 8301.
Our preference:
the upside prevails as long as 8487 is support.