Binance Coin / Dollar may rise to 600.5 - 605.8

Our pivot point is at 581.1.

Our preference

The upside prevails as long as 581.1 is support.

Alternative scenario

The downside breakout of 581.1 would call for 572.2 and 566.9.

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 above its 20 and 50 period moving average (respectively at 581.2 and 576.4).

Supports and resistances

616.4 **

611.1 *

605.8 **

600.5

589.2 last

584.6

581.1 **

572.2 *

566.9 **

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