Bitcoin / Euro may fall to 52290 - 52720

Our pivot point is at 54370.

Our preference

The downside prevails as long as 54370 is resistance.

Alternative scenario

The upside breakout of 54370, would call for 55090 and 55520.

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 is trading under both its 20 and 50 period moving average (respectively at 54744 and 55422).

Supports and resistances

55520 **

55090 *

54370 **

54080

53754 last

52720

52290 **

51860 *

51430 **

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