The price had been falling for a week. And now, the price went up to the 50% Fibonacci level. This bounce-back may cause a lot of nerves. The price touched the lower Bollinger Bands and bounced back towards the middle line; however, it did not stop when it reached the middle line, which means the momentum was not just from the Bollinger Bands. So, will this upward trend continue?
I would say no. Although the support power is strong, the slope is too steep, making it easy to enter overbought territory. As can be seen, the Stochastics already shows an overbought signal. And the Standard Deviation is coming down, which means this steep fluctuation will calm down soon. There are still some bullish signals, like Parabolic SAR, MACD, and even the Ichimoku cloud is going down. However, some of them are lagging, like MACD; and the Ichimoku falls fast due to the sharp slope of the rising trend on the price line.
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