Bitcoin / Yen may fall to 8478400 - 8543500

Our pivot point is at 8846700.

Our preference

The downside prevails as long as 8846700 is resistance.

Alternative scenario

Above 8846700, look for 8957200 and 9022900.

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 stands below its 20 and 50 period moving average (respectively at 9229694 and 9501860). Finally, the Bitcoin / Yen has penetrated its lower Bollinger band (8773448).

Supports and resistances

9022900 **

8957200 *

8846700 **

8803300

8717892 last

8543500

8478400 **

8413300 *

8348200 **

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