The cryptocurrency could continue its uptrend in the short term if the support level at $3,667 proves to be strong enough. The pair was unable to break the resistance level before Christmas and had a 12% retracement in four sessions, now the price is starting to recover at a slow pace, but this could change in the short term.
The Bollinger bands are starting to open up, we should have higher volatility in the short to mid-term, which will allow the price to resume its uptrend, the pair traded below the lower band, which suggested the price was relatively low, now that the price recovers some ground and the bands are opening we would expect that trend to continue.
The relative strength index is at 42% which will allow the pair to resume its uptrend in the short to mid-term. If it does, it will have to attempt a breakout on the $4,131 resistance once again; it has failed to do so on four occasions.
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