Binance Coin / Dollar may fall to 566.8 - 571.6

Our pivot point is at 591.1.

Our preference

The downside prevails as long as 591.1 is resistance.

Alternative scenario

Above 591.1, look for 599.2 and 603.9.

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 is trading under both its 20 and 50 period moving average (respectively at 591.6 and 595.9). Finally, the Binance Coin / Dollar is trading below its lower Bollinger band (standing at 583.3).

Supports and resistances

603.9 **

599.2 *

591.1 **

588.0

581.5 last

571.6

566.8 **

562.1 *

557.3 **

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