Bitcoin / USD may fall to 56420 - 56910

59250 is our pivot point.

Our preference

The downside prevails as long as 59250 is resistance.

Alternative scenario

The upside breakout of 59250, would call for 60080 and 60580.

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 59965 and 60360). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (58880).

Supports and resistances

60580 **

60080 *

59250 **

58920

58586 last

56910

56420 **

55930 *

55440 **

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