Bitcoin / Yen may rise to 9162200 - 9272800

Our pivot point is at 8792100.

Our preference

The upside prevails as long as 8792100 is support.

Alternative scenario

The downside breakout of 8792100 would call for 8606400 and 8495900.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 8694917 and 8735353).

Supports and resistances

9493900 **

9383300 *

9272800 **

9162200

8940869 last

8865000

8792100 **

8606400 *

8495900 **

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