The cryptocurrency is maintaining the upwards trend but is seeing a slowdown. The price has not moved much in the last seven sessions after the big rally where Bitcoin gained more than 64% of its value in 21 days. BTCUSD maintains the upwards trend and has not seen a significant retracement, placing it in a very good spot for the short and mid-term.
The Bollinger bands are narrowing down, which is a sign of price consolidation, current price traded in between the bands, suggesting that it is at a fair price level. We could see a slow down in the next few sessions before the asset moves up or down aggressively. Once this consolidation period is over, we will see a breakout and a new all-time high, or a breakdown of the support at $58,115.
The relative strength index is currently at 56%, which will allow the pair to continue its uptrend until it reaches 70%; the price could still test the support before reaching out for the resistance at $67,016.
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.
