Your identification is correct. These coins are known to be struck on earlier coins hence the reason for the difficultly in identifying the legends:
Byzantine Empire: Michael VII Ducas (1071-1078) Æ Follis, Constantinople (Sear-1878; DOC-14b)
Obv: Bust of Christ Pantokrator facing, bearded, with cross behind, wearing tunic and himation; right hand raised before breast in blessing, left hand holds book from beneath. In field, IC and XC above lateral arms of cross; six-pointed stars beneath them to left and right
Rev: +MIX AHΛ RACIOΔ; Crowned bust of Michael facing, bearded, wearing modified loros with collar-piece and crown with cross and pendilia, holding in right hand labarum, in left globus cruciger
Dim: 26mm, 7.39 g, 6h

Overstruck on a follis of Romanus IV (Sear-1866), which is similar to yours:

A gallery of my coins and artifacts can been seen on
FORVM Ancient Coins