Binance Coin / Dollar may fall to 531.1 - 538.3

Our pivot point is at 567.4.

Our preference

The downside prevails as long as 567.4 is resistance.

Alternative scenario

Above 567.4, look for 579.5 and 586.7.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 563.9 and 572.3). Finally, the Binance Coin / Dollar has penetrated its lower Bollinger band (552.9).

Supports and resistances

586.7 **

579.5 *

567.4 **

562.6

552.6 last

538.3

531.1 **

524.0 *

516.9 **

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