The cryptocurrency continues the uptrend after finding a 3% pullback on Sunday's session. The pair managed to complete the breakout on the 38.2% Fibonacci retracement and now aims to the new resistance at $3,157 on our 50% Retracement, if the pair manages to complete this breakout, we would have a trend reversal and a potential rally.
The Bollinger bands are opening up which is a good sign as it often indicates that an uptrend is likely to continue; however, the pair trades very close to the upper band, which often suggests that the price is relatively high, we would need the upper band to continue expanding so the uptrend can continue.
The relative strength index is at 59% which will allow the pair to move upward in the short term, once it gets closer to the overbought status the pair might find a pullback to gather more strength and then continue the uptrend. Our parabolic SAR indicator suggests that the price will continue rising in the upcoming trading sessions.
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