Bitcoin / Euro may fall to 49890 - 50510

Our pivot point stands at 53030.

Our preference

The downside prevails as long as 53030 is resistance.

Alternative scenario

The upside breakout of 53030, would call for 54070 and 54690.

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 is trading under both its 20 and 50 period moving average (respectively at 53564 and 53355).

Supports and resistances

54690 **

54070 *

53030 **

52620

52102 last

50510

49890 **

49270 *

48660 **

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