Bitcoin / Yen may rise to 10903400 - 10994600

Our pivot point stands at 10545400.

Our preference

The upside prevails as long as 10545400 is support.

Alternative scenario

The downside breakout of 10545400 would call for 10393000 and 10302200.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10519987 and 10507588). Finally, the Bitcoin / Yen is trading above its upper Bollinger band (standing at 10702076).

Supports and resistances

11177000 **

11085800 *

10994600 **

10903400

10710869 last

10605300

10545400 **

10393000 *

10302200 **

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