The cryptocurrency is consolidating between $100 and $92, the pair has not established a trend in the last nine trading sessions. The price is trading between the short and long-term moving averages, we might see a breakout in the upcoming days.
The Bollinger bands are wide and moving upwards, which is often an indication of an uptrend; however, the price is not seeing much action in recent sessions and trades at a relatively fair level.
The relative strength index is at 49% which will allow the pair to move in either direction in the short term, we would want to wait for stronger signals on a potential breakout in order to place a trade. Our parabolic SAR indicator suggests that the price will start to climb, but the consolidation phase has not allowed the pair to establish a trend yet.
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.
