The cryptocurrency has been on a downtrend for almost five months now; back in mid-August, it looked like that was going end; however, the price dove again and could be finding a solid support level at $146.54
The Bollinger bands are wide and pointing down, which suggests that the downtrend will continue; the price trades closer to the lower band, indicating that it is relatively low, which could incentivize investors to start opening long positions.
The relative strength index is at 39%, which would allow the pair to start an uptrend and potentially break the 23.6% Fibonacci retracement, but there is still a lot of work to be done to get there.
The short and long-term moving averages gap continues expanding, which strengthens the downwards trend. We would have to wait and see what the price does in the next few sessions to make a trading decision. Is it too soon to buy the dip?
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