Bitcoin / Yen may rise to 9735600 - 9814500

9423800 is our pivot point.

Our preference

The upside prevails as long as 9423800 is support.

Alternative scenario

The downside breakout of 9423800 would call for 9292000 and 9213500.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 9350755 and 9223854). Finally, the Bitcoin / Yen has crossed above its upper Bollinger band (9554886).

Supports and resistances

9972300 **

9893400 *

9814500 **

9735600

9577785 last

9475600

9423800 **

9292000 *

9213500 **

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