The cryptocurrency managed to break the resistance at the 0.8568 level from out 61.8% Fibonacci retracement, it reached the $0.90 and continues to go higher, at this stage the price is trading high and even with a chance of it going higher, it's time to close the long positions.
The Bollinger bands continue shrinking and the pair trades closer to the upper band, suggesting that the price is relatively high, this could potentially signal traders to close their positions and start going short, the pair would find a new resistance at $0.96371 on the 50% Fibonacci retracement if this level is broken and confirmed we would expect a trend reversal.
The relative strength index is at 55% which is very neutral, the price could continue to go up beyond the upper Bollinger band but that would be taking unnecessary risks, the price could move in either direction at the current RSI level.
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.