The cryptocurrency is up 2.7% after losing more than 16% in the previous six trading sessions, it looked like the pair could break the resistance at the 23.6% Fibonacci retracement but came up short and lost that extra 2.2% it had gained earlier today.
The Bollinger bands are closing up which will bring lower volatility in the short term, the pair trades closer to the lower Bollinger band but not close enough to consider it low yet, the support level can be found at the $2,423 on the lower band.
The relative strength index is at 42% which will allow the pair to move in either direction at this point as we are getting mixed signals from our technical indicators. The short and long-term moving averages crossed on Saturday and the gap between the lines continued increasing, suggesting that the downwards trend would continue.
Our parabolic SAR indicator suggests that the price will continue falling, but as we mentioned before we are getting mixed signals and the price might continue the consolidation period.
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