Binance Coin / Dollar may rise to 588.1 - 594.8

Our pivot point stands at 561.8.

Our preference

The upside prevails as long as 561.8 is support.

Alternative scenario

The downside breakout of 561.8 would call for 550.7 and 544.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 553.1 and 541.9).

Supports and resistances

608.1 **

601.5 *

594.8 **

588.1

572.0 last

566.1

561.8 **

550.7 *

544.0 **

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