Bitcoin / Euro may rise to 58620 - 59110

Our pivot point stands at 56780.

Our preference

The upside prevails as long as 56780 is support.

Alternative scenario

The downside breakout of 56780 would call for 55960 and 55470.

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 trading above both its 20 and 50 period moving average (respectively at 56642 and 55773).

Supports and resistances

60100 **

59600 *

59110 **

58620

57545 last

57100

56780 **

55960 *

55470 **

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