Bitcoin / Euro may fall to 48080 - 48510

50520 is our pivot point.

Our preference

The downside prevails as long as 50520 is resistance.

Alternative scenario

The upside breakout of 50520, would call for 51240 and 51670.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (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 52893 and 54459).

Supports and resistances

51670 **

51240 *

50520 **

50240

49542 last

48510

48080 **

47660 *

47240 **

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