Bitcoin / Euro may fall to 57510 - 58030

Our pivot point stands at 59830.

Our preference

The downside prevails as long as 59830 is resistance.

Alternative scenario

Above 59830, look for 60690 and 61210.

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 is trading under both its 20 and 50 period moving average (respectively at 59700 and 59932). Finally, the Bitcoin / Euro has penetrated its lower Bollinger band (59193).

Supports and resistances

61210 **

60690 *

59830 **

59490

59144 last

58030

57510 **

57000 *

56480 **

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