The cryptocurrency closed the trading day with a profit 5 times out of the last six-session, breaking the resistance in our 23.6% Fibonacci Retracement at $41,458. The price is close to entering the Ichimoku cloud which would bring market uncertainty for the short term.
The Bollinger bands are opening up which often indicates a trend continuity, however the pair trades above the upper band suggesting that the price is relatively high, which could have an impact on the asset in the short term.
The relative strength index is at 63% which is not yet considered overbought, we could see the price climb further more in the short term before seeing a retracement on the pair, and even then the pair might continue climbing after that 70% as we have seen in the past.
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.