Binance Coin / Dollar may fall to 511.9 - 518.8

Our pivot point is at 543.0.

Our preference

The downside prevails as long as 543 is resistance.

Alternative scenario

Above 543, look for 554.7 and 561.6.

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 548.2 and 555.6).

Supports and resistances

561.6 **

554.7 *

543.0 **

538.4

533.0 last

518.8

511.9 **

504.9 *

498.0 **

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