Bitcoin / Euro may fall to 53200 - 53670

Our pivot point stands at 55480.

Our preference

The downside prevails as long as 55480 is resistance.

Alternative scenario

The upside breakout of 55480, would call for 56270 and 56740.

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 stands below its 20 and 50 period moving average (respectively at 55364 and 55749).

Supports and resistances

56740 **

56270 *

55480 **

55170

54717 last

53670

53200 **

52740 *

52270 **

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