The cryptocurrency continues its consolidation period and is unable to go above the $1,900 price level or below $1,700. The price is currently below the short and long-term moving averages suggesting that the downtrend is likely to continue; however, the support at $1,700 has proven to be strong enough to hold the price from sinking.
The Bollinger bands are narrow which strengthens the consolidation phase, once they start to open we will likely have a breakout of the support or the resistance. The pair trades in between the bands, suggesting that the price is at a relatively fair level.
The relative strength index is at 40% which will allow the pair to move in either direction. Stay alert for a potential breakout as there could be a good trading opportunity in the short to medium term. Our parabolic SAR indicator suggests that the price is likely moving downwards.
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