The cryptocurrency might be starting an important rally as it is on a three-day winning streak where it managed to break the important resistance level at $30,789. The pair now traded above the short-term moving average, indicating that the price might start an uptrend, the price is still trading below the long-term moving average, and we could see a crossing in the medium term.
The Bollinger bands are expanding rapidly, which often suggests a trend reversal, it is too soon to tell, but Bitcoin is gaining momentum fast, the pair trades above the upper band, which could indicate that the price is relatively high; however, as the bands continue to expand they will let the pair move freely within the range.
The relative strength index is at 52% after it oscillated below 37% for more than 12 sessions. The RSI is neutral and at this point, the pair could move in either direction, we have to wait and see if buyers can continue pushing to boost the price upwards. Our parabolic SAR indicator suggests that the price is likely to continue moving up in the short term.
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