The cryptocurrency had a five-day winning streak that ended with the pair finding a strong resistance level at the 23.6% Fibonacci retracement. Our parabolic SAR indicator suggests that the price will continue climbing in the short term.
The Bollinger bands are shrinking and volatility should be lower in the upcoming trading sessions, the pair trades closer to the upper band, suggesting that the price is relatively high which could push the price down in the short term. The price trades between the short and long-term moving averages, which is often a good indicator that the uptrend would continue, we just want to wait and see if the price is able to complete the resistance breakout in order to place a long trade.
The relative strength index is at 55% which would allow the price to continue climbing in the event of a resistance breakout, the Bollinger bands would need to open up to allow the price to continue rising in the short term.
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