Bitcoin / South Korean won may fall to 84104500 - 84689800

Our pivot point stands at 86829500.

Our preference

The downside prevails as long as 86829500 is resistance.

Alternative scenario

The upside breakout of 86829500, would call for 87815000 and 88401600.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 87242255 and 87996323). Finally, the Bitcoin / South Korean won is trading below its lower Bollinger band (standing at 85934231).

Supports and resistances

88401600 **

87815000 *

86829500 **

86442300

85918507 last

84689800

84104500 **

83519200 *

82934000 **

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