Bitcoin / Yen may fall to 8545700 - 8620300

Our pivot point stands at 8965000.

Our preference

The downside prevails as long as 8965000 is resistance.

Alternative scenario

Above 8965000, look for 9091700 and 9167100.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 8939512 and 8932635). Finally, the Bitcoin / Yen has penetrated its lower Bollinger band (8804336).

Supports and resistances

9167100 **

9091700 *

8965000 **

8915200

8802733 last

8620300

8545700 **

8471100 *

8396500 **

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