The cryptocurrency found a new pullback after failing to complete the breakout on the resistance at $59,782, it could test the support at $55,097 in the short term. The price trades inside the Ichimoku cloud, suggesting there is market uncertainty.
The Bollinger bands are opening up almost symmetrically, the pair trades closer to the lower band, suggesting it's relatively low. Price could get a boost from traders that have identified this signal on the daily chart. If the support level at the 50% Fibonacci retracement is strong, we would likely see the price come back to the 59,000 levels in the short term.
The relative strength index is currently at 39%, this will allow the pair to start climbing and possibly break the resistance before entering an overbought status. The short and long-term moving averages are close to crossing, which would indicate a trend reversal.
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.