The cryptocurrency started a downtrend on September 7th, where it lost 11.08% in a single session.
The pair made some recovery attempts shortly after, but they have failed. It lost 8.91% in yesterday's trading sessions and was down another 6.25% down at some point today. In the last 14 days, it has broken three support levels at our 61.8%, 50%, and 38.2% Fibonacci retracement of $51,039. $46,751 and $42,460 respectively.
The Bollinger bands are opening up, but they are narrow. It looks like the crypto could find support at the $42,460 levels, as the price trades closer to the lower band, which is driving the price up slightly.
The relative strength index has not reached an oversold status as it is currently at 37%, giving him enough room to continue falling or start a recovery. Conditions are there for either movement. Now the markets will have to decide which direction the price will move to.
The short and long-term moving averages crossed just yesterday, suggesting that the uptrend has been reversed; however it is too early to tell, we would have to wait and see if the price finds support or if it breaks it, then we would make a trading decision.
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