Bitcoin / Yen may rise to 9430900 - 9546300

Our pivot point stands at 8954300.

Our preference

The upside prevails as long as 8954300 is support.

Alternative scenario

The downside breakout of 8954300 would call for 8762400 and 8648200.

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 8953500 and 8906740). Finally, the Bitcoin / Yen is trading above its upper Bollinger band (standing at 9126475).

Supports and resistances

9777100 **

9661700 *

9546300 **

9430900

9180361 last

9029600

8954300 **

8762400 *

8648200 **

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