The cryptocurrency broke the support level from our 23.6% Fibonacci retracement at 41,458. The short and long-term moving averages are above the current price, suggesting that the downwards trend would continue.
The Bollinger bands are wide and high volatility can be expected in the upcoming trading sessions, the pair traded very close to the lower band, suggesting that the price is relatively low, Bitcoin could see a short-term trend reversal in the upcoming days. Our parabolic SAR indicator suggests that the price will continue to fall in the short term, but as it gets closer to the support level at 36,712 we could see it bounce.
The relative strength index is at 35% which will still allow the price to fall a bit more before entering the oversold status, which could help the cryptocurrency recover ground in the mid-term and climb freely.
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