The cryptocurrency is unable to maintain a steady trend since early December, it made three attempts to complete the breakout with no success, price continues to move within a 15 dollar range and the moving averages are getting closer to a cross that would indicate a downtrend.
The Bollinger bands are narrow and steady, the price continues a consolidation period and will likely continue moving within a range for the short term. There could be a trading opportunity in the short to mid-term once the consolidation phase ends.
The relative strength index is at 43% which will allow the pair to move in either direction the market decides. We would need to evaluate our signals again in a few days to make a trading decision once the end of the consolidation phase is closer and we have a breakout.
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