Bitcoin / Yen may fall to 7179400 - 7242100

Our pivot point is at 7588900.

Our preference

The downside prevails as long as 7588900 is resistance.

Alternative scenario

Above 7588900, look for 7696100 and 7760000.

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 8096444 and 8612699).

Supports and resistances

7760000 **

7696100 *

7588900 **

7546700

7374030 last

7242100

7179400 **

7116700 *

7054100 **

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