Bitcoin / USD may fall to 65200 - 65950

Our pivot point is at 68710.

Our preference

The downside prevails as long as 68710 is resistance.

Alternative scenario

The upside breakout of 68710, would call for 69980 and 70740.

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 69040 and 69027). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (67658).

Supports and resistances

70740 **

69980 *

68710 **

68210

67631 last

65950

65200 **

64440 *

63690 **

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