Bitcoin / USD may fall to 59030 - 59600

Our pivot point stands at 61840.

Our preference

The downside prevails as long as 61840 is resistance.

Alternative scenario

The upside breakout of 61840, would call for 62800 and 63370.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 61312 and 61603).

Supports and resistances

63370 **

62800 *

61840 **

61460

60750 last

59600

59030 **

58460 *

57890 **

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