Bitcoin / Yen may fall to 9449700 - 9532200

Our pivot point is at 9899200.

Our preference

The downside prevails as long as 9899200 is resistance.

Alternative scenario

Above 9899200, look for 10039100 and 10122400.

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 is trading under both its 20 and 50 period moving average (respectively at 9881382 and 9859999). Finally, the Bitcoin / Yen has penetrated its lower Bollinger band (9740299).

Supports and resistances

10122400 **

10039100 *

9899200 **

9844300

9719357 last

9532200

9449700 **

9367200 *

9284700 **

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