Bitcoin / Euro may rise to 55890 - 56540

Our pivot point stands at 53700.

Our preference

The upside prevails as long as 53700 is support.

Alternative scenario

Below 53700, expect 52610 and 51960.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 53624 and 53239).

Supports and resistances

57840 **

57190 *

56540 **

55890

54558 last

54130

53700 **

52610 *

51960 **

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