Bitcoin / Euro may fall to 54710 - 55210

Our pivot point is at 57050.

Our preference

The downside prevails as long as 57050 is resistance.

Alternative scenario

The upside breakout of 57050, would call for 57890 and 58390.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 57008 and 57320).

Supports and resistances

58390 **

57890 *

57050 **

56720

56330 last

55210

54710 **

54210 *

53710 **

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