Bitcoin / Euro may fall to 52370 - 52800

Our pivot point stands at 54870.

Our preference

The downside prevails as long as 54870 is resistance.

Alternative scenario

Above 54870, look for 55600 and 56030.

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 is trading under both its 20 and 50 period moving average (respectively at 55604 and 56048). Finally, the Bitcoin / Euro is trading below its lower Bollinger band (standing at 54592).

Supports and resistances

56030 **

55600 *

54870 **

54590

54298 last

52800

52370 **

51940 *

51510 **

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