Bitcoin / South Korean won may rise to 86727700 - 87349700

Our pivot point stands at 84013200.

Our preference

The upside prevails as long as 84013200 is support.

Alternative scenario

The downside breakout of 84013200 would call for 82976200 and 82359000.

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 trading above both its 20 and 50 period moving average (respectively at 83120790 and 82660373).

Supports and resistances

88593700 **

87971700 *

87349700 **

86727700

84996615 last

84420500

84013200 **

82976200 *

82359000 **

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