Bitcoin / Yen may fall to 9353000 - 9434700

Our pivot point stands at 9706000.

Our preference

The downside prevails as long as 9706000 is resistance.

Alternative scenario

The upside breakout of 9706000, would call for 9843200 and 9924800.

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 9887769 and 10085303).

Supports and resistances

9924800 **

9843200 *

9706000 **

9652100

9598073 last

9434700

9353000 **

9271400 *

9189700 **

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