Binance Coin / Dollar may fall to 509.9 - 516.8

Our pivot point is at 540.5.

Our preference

The downside prevails as long as 540.5 is resistance.

Alternative scenario

The upside breakout of 540.5, would call for 552.2 and 559.1.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 545.8 and 553.9).

Supports and resistances

559.1 **

552.2 *

540.5 **

536.0

530.9 last

516.8

509.9 **

503.0 *

496.0 **

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