The Bollinger bands are wide, and the price trades in the middle of the bands, it's possible to see higher volatility in the upcoming trading sessions.
The relative strength index is at 48%, the highest level in more than ten days; the pair seems to start its recovery; at this point, the conditions are set for the price to start a slow rally. If the price can reach and break the $38,065 support level, it could continue climbing. The general trend continues to be downwards. Still, the short and long-term moving averages are very close to crossing. If there is a crossing in the short term, the cryptocurrency might change its overall trend in the mid-term.
The parabolic SAR indicator still suggests that the downward trend will continue. It would take a few more winning sessions for the SAR to change its signal to an uptrend as it is a lagging indicator.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
