Bitcoin / South Korean won may fall to 75603200 - 76178100

79407000 is our pivot point.

Our preference

The downside prevails as long as 79407000 is resistance.

Alternative scenario

Above 79407000, look for 80389200 and 80973800.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 83277244 and 85085602). Finally, the Bitcoin / South Korean won is trading below its lower Bollinger band (standing at 78370791).

Supports and resistances

80973800 **

80389200 *

79407000 **

79021200

77327918 last

76178100

75603200 **

75028300 *

74453400 **

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