The cryptocurrency is down more than 12% in the last two trading sessions, the pair broke the support level on our 23.6% Fibonacci retracement at $120 after moving laterally for 14 days. The price trades below the short-term moving average, suggesting that the price is likely to enter a downtrend in the short term.
The Bollinger bands are closing up and volatility could be lower in the upcoming sessions, the pair trades in between the bands, suggesting that the price is at a fair level. The pair could find support in the long-term moving average which is at $110 or on the lower Bollinger band at $107.
The relative strength index is currently at 50%, which will allow the price to move in either direction, most likely downwards from what we see in other technical indicators such as our Parabolic SAR.
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