Bitcoin / Yen may fall to 8604900 - 8682200

Our pivot point stands at 8977400.

Our preference

The downside prevails as long as 8977400 is resistance.

Alternative scenario

The upside breakout of 8977400, would call for 9107800 and 9185500.

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 9047176 and 9149873).

Supports and resistances

9185500 **

9107800 *

8977400 **

8926200

8874909 last

8682200

8604900 **

8527600 *

8450300 **

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