Bitcoin / Yen may fall to 9284800 - 9356100

Our pivot point is at 9594200.

Our preference

The downside prevails as long as 9594200 is resistance.

Alternative scenario

Above 9594200, look for 9714000 and 9785400.

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 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 9732840 and 9930406). Finally, the Bitcoin / Yen is trading below its lower Bollinger band (standing at 9544403).

Supports and resistances

9785400 **

9714000 *

9594200 **

9547100

9498951 last

9356100

9284800 **

9213500 *

9142200 **

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