Binance Coin / Dollar may fall to 591.8 - 598.3

Our pivot point stands at 625.2.

Our preference

The downside prevails as long as 625.2 is resistance.

Alternative scenario

The upside breakout of 625.2, would call for 636.2 and 642.8.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 629.9 and 653).

Supports and resistances

642.8 **

636.2 *

625.2 **

620.9

611.9 last

598.3

591.8 **

585.4 *

578.9 **

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