The previous downward trend had lasted for a week since Aug 13th. During the downward trend, the price had been down by 3.6%, drawing a lot of attention. Traders were nervous about this straight drop; it seemed intense but short - lasted. It ended soon. Will the price go back to a downward trend?
Recently, the price has been going up for nearly four days. Now, the price line touches the upper Bollinger Band, which was also the 50% Fibonacci level. We can also observe that the highest bar reached the 61.8% Fibonacci level, which is considered a high-pressure level. Besides, both Stochastics and RSI are overbought. Stochastics has been overbought for a while. The price line is now facing pressure from both Bollinger Bands and Fibonacci. The price could turn down in the near future.
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