The cryptocurrency has not been able to break the $36,623 support and continues its downtrend.
The Bollinger bands are closing up, which consolidates the price close to $34,000. We expect lower volatility, but there could be significant movements based on fundamental news.
The relative strength index is currently at 45%. We have not seen the RSI above 53% since May 9th. The asset has been on a general downtrend and having trouble recovering since this date.
Bitcoin has been trading in the range of 32,500 to 36,000 in the last six trading sessions, indicating that the market is undecided. It could take some time before bitcoin begins recovering some serious ground again; the general trend continues to be downwards.
The short and long-term moving averages spread continues to increase, although the lines have been very close to crossing. They are still moving downwards, which is a short signal. Our parabolic SAR indicator suggests that the price could start an uptrend, but this is only because there have been pullbacks on the downtrend, and this is a lagging indicator.
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