Bitcoin / Euro may rise to 58370 - 59060

Our pivot point stands at 55880.

Our preference

The upside prevails as long as 55880 is support.

Alternative scenario

Below 55880, expect 54720 and 54030.

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 55388 and 54934). Finally, the Bitcoin / Euro is trading above its upper Bollinger band (standing at 56938).

Supports and resistances

60450 **

59760 *

59060 **

58370

56963 last

56340

55880 **

54720 *

54030 **

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