The cryptocurrency has been moving within a 14% range since March 4th, the pair has been consolidating and could find a breakout in the short to mid-term. Price trades above the short and long-term moving average, indicating that an uptrend could be in the oven.
The Bollinger bands are narrow, volatility could be lower in the upcoming trading sessions. The pair traded closer to the upper band, suggesting that the price could reach a relatively high price in the next few days, but as the bands are closing, we expect a breakout soon.
The relative strength index is at 57% which will allow Bitcoin to start an uptrend once the consolidation period is over. Our parabolic SAR indicator suggests that the price will start an uptrend soon.
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