Bitcoin / Euro may fall to 50820 - 51450

Our pivot point stands at 53890.

Our preference

The downside prevails as long as 53890 is resistance.

Alternative scenario

Above 53890, look for 54950 and 55580.

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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 53528 and 54471). Finally, the Bitcoin / Euro is trading below its lower Bollinger band (standing at 53021).

Supports and resistances

55580 **

54950 *

53890 **

53470

52840 last

51450

50820 **

50190 *

49570 **

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