The cryptocurrency is up more than 35% in the last five trading sessions, it managed to break the resistance on our 23.6% Fibonacci retracement at $120.24, the short and long-term moving averages crossed during the previous sessions and have been left behind, indicating that the uptrend should continue.
The Bollinger bands expanded very aggressively during the last few sessions as the price rallies, the pair trades above the upper band, suggesting that the price is relatively high, which could cause the pair to face a mild to strong retracement in the next days.
The relative strength index is at 70% which is considered overbought, this is likely to cause the pair to a retracement in the short term, we could see the RSI stay overbought for a few sessions but the pullback is almost imminent at this point.
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