The cryptocurrency was unable to reach the resistance on the 38.2% Fibonacci retracement at $46,721 and lost more than 8% since Feb 10th, now the price might be able to put an end to the losing streak and make an attempt to break $45,850 and then the Fibonacci retracement.
The Bollinger bands are wide and moving upwards, which is often a good indicator of an upcoming uptrend, the pair was trading above the upper band, suggesting that the price was relatively high, investors reacted and closed their long positions before the pullback, driving the price down. BTCUSD might continue the uptrend if it's able to find strong support at $41,458.
The relative strength index is at 54% which will allow the price to continue the uptrend after the temporary pullback. This retracement would allow the price to gain strength and continue moving up in the short to mid-term. Our parabolic SAR indicator suggests that the uptrend would continue.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.