Bitcoin / Yen may rise to 9095000 - 9204700

Our pivot point is at 8727800.

Our preference

The upside prevails as long as 8727800 is support.

Alternative scenario

The downside breakout of 8727800 would call for 8543500 and 8433800.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 8658651 and 8730633).

Supports and resistances

9424200 **

9314400 *

9204700 **

9095000

8872612 last

8800200

8727800 **

8543500 *

8433800 **

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