Binance Coin / Dollar may rise to 583.7 - 590.9

Our pivot point stands at 559.6.

Our preference

The upside prevails as long as 559.6 is support.

Alternative scenario

Below 559.6, expect 547.7 and 540.5.

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 trading above both its 20 and 50 period moving average (respectively at 552.1 and 542.8).

Supports and resistances

605.1 **

598.0 *

590.9 **

583.7

569.0 last

564.3

559.6 **

547.7 *

540.5 **

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