The cryptocurrency managed to break the resistance at $49,148 but has not been able to complete it. The pair lost some ground today and currently trades below the 50% retracement, a very important level for the asset as breaking it will indicate a downtrend reversal.
The Bollinger bands continue shrinking and lower volatility is expected in the short term, the price now trades above the short-term moving average, indicating that the price might start an uptrend in the short to mid-term.
The relative strength index is at 43% which will allow Bitcoin to start a not so aggressive but steady rally in the upcoming sessions. Our parabolic SAR indicates that the price will continue to fall, however, if the breakout is completed it is very likely that the price will continue to climb.
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.