Bitcoin / Yen may rise to 9835900 - 9920400

9507000 is our pivot point.

Our preference

The upside prevails as long as 9507000 is support.

Alternative scenario

The downside breakout of 9507000 would call for 9365700 and 9281500.

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 above its 20 and 50 period moving average (respectively at 9416104 and 9400062).

Supports and resistances

10089600 **

10005000 *

9920400 **

9835900

9643513 last

9562600

9507000 **

9365700 *

9281500 **

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