The cryptocurrency has performed exceptionally well in the last 30 trading days; however, it is now finding a pullback which is necessary for the asset to continue its uptrend.
The pair might find a strong support level at $244.76 located in our 38.2% Fibonacci retracement, the price attempted to break out of the 50% retracement just two sessions ago, but it did not have the strength to complete it.
The Bollinger bands are wide, but the price was trading above the upper band, which suggested that the price was relatively high; this is one of the reasons we see this pullback; the bands are moving up, which is a good indication of an uptrend continuation.
The relative strength index is recovering from an overbought status; at some point, it was at 80%, now the markets are pulling the price down, the current RSI is 64%, and we would expect it to continue dropping in the short term.
Our parabolic SAR now suggests a temporary downtrend, strengthening our other indicators signals.
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