The cryptocurrency started an uptrend in mid-March, the pair has found a few retracements but the general trend continues to be upwards, the pair is pulling back in today's session and could reach the support level at $3,392 in the short term before resuming the rally.
The Bollinger bands are wide and continue to move upwards, which indicates that the price is likely to keep rising in the short to mid-term, the pair trades closer to the upper band but not close enough to believe that the price is relatively high yet, as the upper band continues to expand the pair is likely to continue the uptrend.
The relative strength index is at 69% which is why we are seeing such retracement, this will allow the pair to gather some strength and resume the uptrend once the RSI gets further below the overbought status. Our parabolic SAR indicator suggests that the price will continue to move upwards in the short term.
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