Bitcoin / Euro may rise to 56090 - 56740

53870 is our pivot point.

Our preference

The upside prevails as long as 53870 is support.

Alternative scenario

The downside breakout of 53870 would call for 52770 and 52120.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 53927 and 53360).

Supports and resistances

58050 **

57390 *

56740 **

56090

54741 last

54300

53870 **

52770 *

52120 **

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