Bitcoin / Yen may fall to 7939800 - 8508400

Our pivot point stands at 10397200.

Our preference

The downside prevails as long as 10397200 is resistance.

Alternative scenario

Above 10397200, look for 11352400 and 11921000.

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 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 10473427 and 10440981). Finally, the Bitcoin / Yen is trading below its lower Bollinger band (standing at 9681664).

Supports and resistances

11921000 **

11352400 *

10397200 **

10021900

9646647 last

8508400

7939800 **

7371300 *

6802800 **

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