Bitcoin / Yen may fall to 8211200 - 8316600

Our pivot point is at 8704300.

Our preference

The downside prevails as long as 8704300 is resistance.

Alternative scenario

The upside breakout of 8704300, would call for 8882200 and 8988100.

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 is trading under both its 20 and 50 period moving average (respectively at 8753653 and 8777716).

Supports and resistances

8988100 **

8882200 *

8704300 **

8634400

8564487 last

8316600

8211200 **

8105800 *

8000300 **

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