The cryptocurrency finally consolidated the breakout on the $176.9 barrier, but it might have exhausted the market.
The relative strength index is about to enter an overbought status; currently, it is at 68%, making investors react before it goes above 70%. We have seen the RSI stay overbought for a few sessions in the past, but the price will likely retrace in the short term to gather strength to continue its uptrend.
The short and long-term moving averages continue moving up, indicating that the general trend is upwards; however, we would not be able to confirm a trend reversal until the price goes above $258.
The Bollinger bands are wide, but the lower band is moving up aggressively. The price trades closer to the upper band, suggesting that the price is close to being considered relatively high. There could be a pullback for this and the previously mentioned factors.
We could see the price go to the low $200 before the retracement, but there is no way to anticipate this. Our Parabolic SAR indicator suggests that the price will continue to move up.
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