Bitcoin / Yen may rise to 8970000 - 9045000

Our pivot point stands at 8659600.

Our preference

The upside prevails as long as 8659600 is support.

Alternative scenario

Below 8659600, expect 8534400 and 8459900.

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 trading above both its 20 and 50 period moving average (respectively at 8502433 and 8369506).

Supports and resistances

9195100 **

9120000 *

9045000 **

8970000

8810179 last

8708800

8659600 **

8534400 *

8459900 **

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