Bitcoin / Euro may fall to 55230 - 55680

Our pivot point is at 57260.

Our preference

The downside prevails as long as 57260 is resistance.

Alternative scenario

Above 57260, look for 58020 and 58470.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 57389 and 57905).

Supports and resistances

58470 **

58020 *

57260 **

56960

56600 last

55680

55230 **

54780 *

54330 **

Number of asterisks represents the strength of support and resistance levels.