The cryptocurrency managed to gain 15.32% in three trading sessions earlier this week, now the pair retraced 2.3% after finding resistance at $2,015. The pair now trades below the short and long-term moving average, suggesting that the downtrend could continue, and the gap between the lines continues expanding.
The Bollinger bands are narrower and they are slightly closing up, the pair trades in between the bands, suggesting that the price is at a relatively fair level. We could see the pair enter a consolidation phase in the short term if the bands continue to shrink.
The relative strength index is at 40% which will allow the pair to move in either direction before entering an oversold or overbought status. Our parabolic SAR indicator suggests that the price will continue to drop in the upcoming sessions.
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