The cryptocurrency is on its way to a three-day winning streak after retracing to the $83 levels.
The short and long term moving averages crossed at the beginning of march suggesting a downwards trend, the price is now above both lines and that is often a sign that an uptrend is likely to continue, it could take some sessions for the MA’s to cross again if the uptrend continues.
The Bollinger bands are closing up, which will bring lower volatility in the market; however, when the bands shrink, a trend change can be expected, the price would find resistance at $103.5, its previous high since mid-February, or at the upper band which currently sits at $105.8.
The relative strength index is at 51% a level that would allow the price to continue climbing in the short to mid-term. Our parabolic SAR indicator suggests that the price will fall, but remember that this is a lagging indicator, all other signals are for a Long position.
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.
