Bitcoin / Euro may fall to 51200 - 51850

Our pivot point stands at 54090.

Our preference

The downside prevails as long as 54090 is resistance.

Alternative scenario

Above 54090, look for 55170 and 55820.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 54739 and 55620).

Supports and resistances

55820 **

55170 *

54090 **

53660

53179 last

51850

51200 **

50560 *

49910 **

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