Bitcoin / Yen may fall to 7628500 - 7695100

Our pivot point stands at 8041800.

Our preference

The downside prevails as long as 8041800 is resistance.

Alternative scenario

Above 8041800, look for 8155500 and 8223200.

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 is trading under both its 20 and 50 period moving average (respectively at 8638298 and 8850374). Finally, the Bitcoin / Yen is trading below its lower Bollinger band (standing at 7972543).

Supports and resistances

8223200 **

8155500 *

8041800 **

7997200

7852336 last

7695100

7628500 **

7561900 *

7495300 **

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