Since late September, the cryptocurrency has been performing well; it found a few pullbacks along the way but continued the upwards trend. The price broke the support level at the 23.6% Fibonacci retracement, likely setting back the pair in the short to mid-term.
The Bollinger bands are opening up aggressively; the price is trading closer to the lower band, suggesting that it is relatively low, which might incentivize investors to go long on this asset. The price trades inside the Ichimoku cloud, which is often a sign of market uncertainty. We would see the pair moving sideways for a few sessions before we have a breakout.
The relative strength index is at 43%, after being at 63%; this will allow the pair to move freely in either direction. Our parabolic SAR indicator suggests that the price will continue to fall in the short term.
The moving averages indicate an uptrend; for now, we are getting mixed signals and prefer to wait until things settle before placing a trade.
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