The cryptocurrency has been performing very well during the last seven trading sessions; it has managed to recover 29.33%; it broke two significant resistance levels at $3,340.32 and $3,356.44, which are at our 50% and 61.8% Fibonacci retracements.
The Bollinger bands are steady, and this could indicate a consolidation period. The bands have been very steady during the last nine trading sessions; the price trades closer to the upper band, suggesting it's relatively high. If the upper band does not start to open soon, we could expect a price drop in the short term, perhaps to the $3,356 levels, which is now a support area.
The relative strength index is at 60.28%, which will allow the price to continue moving up before entering an overbought status; however, once it gets closer to that 70%, we could see a temporary retracement.
Our parabolic SAR indicator suggests that the price will continue to move upwards, and we have no reason to believe it won't, but how long will this uptrend last before we have a pullback?
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