Binance Coin / Dollar may rise to 551.2 - 557.5

Our pivot point stands at 523.9.

Our preference

The upside prevails as long as 523.9 is support.

Alternative scenario

Below 523.9, expect 513.5 and 507.3.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 527.3 and 523).

Supports and resistances

570.0 **

563.7 *

557.5 **

551.2

536.1 last

527.9

523.9 **

513.5 *

507.3 **

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