The cryptocurrency continues the downwards trend that started at the end of March, the pair has lost more than 15% since then, but we could see the price recover some ground in the upcoming days after BTC found support at $38,987 in today's session.
The Bollinger bands are closing up aggressively, volatility is expected to be lower in the upcoming days, but we might still see aggressive moves. The pair reached the lower band earlier in the session and bounced 1.8% up.
The relative strength index is at 42% which will allow the pair to recover ground against the US dollar in the short to medium term, the general trend continues to be downwards as the short and long-term moving averages cross and are above the current price level. Bitcoin is getting close to the resistance on the 23.6% Fibonacci retracement at $40,833 we want to wait until the price attempts a breakout in order to make a trading decision.
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