Bitcoin / Euro may fall to 48810 - 49210

Our pivot point stands at 51120.

Our preference

The downside prevails as long as 51120 is resistance.

Alternative scenario

The upside breakout of 51120, would call for 51790 and 52200.

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 52410 and 53149).

Supports and resistances

52200 **

51790 *

51120 **

50850

50512 last

49210

48810 **

48410 *

48020 **

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