The cryptocurrency lost more than 24% in five trading sessions earlier this week; the pair now takes a breather after finding support at $2,198 in the previous sessions, and the pair is now heading toward a two-day winning streak which could incentivize investors to open long positions in the crypto asset
The Bollinger bands are very wide, and volatility is expected to continue very high for short to mid-term; the pair is still very close to the lower band, suggesting that the price is relatively low, and it is likely that the pair could start a recovery very soon.
The relative strength index is at 31%, just outside the oversold status as it has gained more than 5.5% in the last two days, allowing a potential rally in the cryptocurrency. Our parabolic SAR suggests that the pair is still gonna move downwards, but we think this is unlikely.
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