Bitcoin / Yen may rise to 10795200 - 10885500

Our pivot point stands at 10397400.

Our preference

The upside prevails as long as 10397400 is support.

Alternative scenario

The downside breakout of 10397400 would call for 10247100 and 10157700.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10218973 and 10146903).

Supports and resistances

11066100 **

10975800 *

10885500 **

10795200

10568530 last

10456400

10397400 **

10247100 *

10157700 **

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