Bitcoin / Yen may fall to 8263100 - 8370600

8739900 is our pivot point.

Our preference

The downside prevails as long as 8739900 is resistance.

Alternative scenario

The upside breakout of 8739900, would call for 8920800 and 9028400.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 8951688 and 9097992).

Supports and resistances

9028400 **

8920800 *

8739900 **

8668900

8587110 last

8370600

8263100 **

8155600 *

8048100 **

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