Binance Coin / Dollar may fall to 549.7 - 555.1

Our pivot point stands at 576.3.

Our preference

The downside prevails as long as 576.3 is resistance.

Alternative scenario

The upside breakout of 576.3, would call for 585.3 and 590.7.

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 576.4 and 578.4). Finally, the Binance Coin / Dollar is trading below its lower Bollinger band (standing at 569.8).

Supports and resistances

590.7 **

585.3 *

576.3 **

572.7

567.0 last

555.1

549.7 **

544.3 *

538.9 **

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