Bitcoin / Euro may fall to 55170 - 55620

57170 is our pivot point.

Our preference

The downside prevails as long as 57170 is resistance.

Alternative scenario

The upside breakout of 57170, would call for 57930 and 58380.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 57003 and 57597).

Supports and resistances

58380 **

57930 *

57170 **

56870

56524 last

55620

55170 **

54720 *

54270 **

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