Bitcoin / Euro may rise to 56400 - 57070

Our pivot point is at 53840.

Our preference

The upside prevails as long as 53840 is support.

Alternative scenario

Below 53840, expect 52710 and 52050.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 53754 and 53521). Finally, the Bitcoin / Euro has crossed above its upper Bollinger band (54714).

Supports and resistances

58410 **

57740 *

57070 **

56400

55000 last

54280

53840 **

52710 *

52050 **

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