Binance Coin / Dollar may rise to 717.1 - 723.4

696.5 is our pivot point.

Our preference

The upside prevails as long as 696.5 is support.

Alternative scenario

The downside breakout of 696.5 would call for 686 and 679.8.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 664.1 and 640.6).

Supports and resistances

735.8 **

729.6 *

723.4 **

717.1

704.7 last

700.6

696.5 **

686.0 *

679.8 **

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