Binance Coin / Dollar may fall to 418.8 - 424.0

Our pivot point stands at 451.6.

Our preference

The downside prevails as long as 451.6 is resistance.

Alternative scenario

The upside breakout of 451.6, would call for 460.5 and 465.8.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 470.1 and 505.7).

Supports and resistances

465.8 **

460.5 *

451.6 **

448.1

435.7 last

424.0

418.8 **

413.6 *

408.4 **

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