Binance Coin / Dollar may fall to 632.6 - 638.3

Our pivot point stands at 673.2.

Our preference

The downside prevails as long as 673.2 is resistance.

Alternative scenario

The upside breakout of 673.2, would call for 683.1 and 689.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 673.3 and 679.6). Finally, the Binance Coin / Dollar is trading below its lower Bollinger band (standing at 659.2).

Supports and resistances

689.0 **

683.1 *

673.2 **

669.4

651.4 last

638.3

632.6 **

626.9 *

621.1 **

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