The cryptocurrency is down 2.43% in the last two trading sessions, the price trades below the short and long-term moving averages indicating an overall downward trend. Our parabolic SAR strengthens the short signals.
The Bollinger bands are opening up but they are starting to move downwards, which often indicates that a downtrend will continue in the short term, the price trades closer to the lower band but not close enough to expect a rebound. The pair could find support at the $40,500 levels in the short term.
The relative strength index is at 35% which will allow Bitcoin to continue falling in the short term before entering an oversold status. Once the pair’s RSI reaches 30% or lower, we would expect a price correction.
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