Binance Coin / Dollar may fall to 514.0 - 519.1

Our pivot point is at 540.5.

Our preference

The downside prevails as long as 540.5 is resistance.

Alternative scenario

Above 540.5, look for 549 and 554.1.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 548.2 and 563.1).

Supports and resistances

554.1 **

549.0 *

540.5 **

537.1

531.6 last

519.1

514.0 **

509.0 *

504.0 **

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