Bitcoin / South Korean won may fall to 86901100 - 87613000

Our pivot point stands at 90013000.

Our preference

The downside prevails as long as 90013000 is resistance.

Alternative scenario

The upside breakout of 90013000, would call for 91209600 and 91921800.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90477218 and 90700314). Finally, the Bitcoin / South Korean won has penetrated its lower Bollinger band (89336996).

Supports and resistances

91921800 **

91209600 *

90013000 **

89542900

89072196 last

87613000

86901100 **

86189100 *

85477200 **

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