Bitcoin / USD may rise to 58900 - 59390

57180 is our pivot point.

Our preference

The upside prevails as long as 57180 is support.

Alternative scenario

The downside breakout of 57180 would call for 56360 and 55870.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 57272 and 56799).

Supports and resistances

60380 **

59880 *

59390 **

58900

57916 last

57500

57180 **

56360 *

55870 **

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