Binance Coin / Dollar may rise to 581.7 - 588.8

Our pivot point is at 556.2.

Our preference

The upside prevails as long as 556.2 is support.

Alternative scenario

The downside breakout of 556.2 would call for 544.3 and 537.2.

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 548.4 and 541.5).

Supports and resistances

603.0 **

595.9 *

588.8 **

581.7

565.8 last

560.8

556.2 **

544.3 *

537.2 **

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