Bitcoin / USD may rise to 70730 - 71430

Our pivot point stands at 68220.

Our preference

The upside prevails as long as 68220 is support.

Alternative scenario

The downside breakout of 68220 would call for 67060 and 66370.

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 above its 20 and 50 period moving average (respectively at 67805 and 67372). Finally, the Bitcoin / Dollar is trading above its upper Bollinger band (standing at 69150).

Supports and resistances

72810 **

72120 *

71430 **

70730

69344 last

68680

68220 **

67060 *

66370 **

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